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Enbloc
Documentation
Enbloc Sale documentation are usually
prepared and administered by the appointed solicitor ...
There are two main legal documents used in Enbloc Sale namely the
Collective Sale Agreement and the Tender Document. However the Sale and
Purchase Agreement may be used if the property is subsequently sold by
Private Treaty.
Enbloc
Sale Lawyer
The Scope of the lawyers'
Services usually include the followings :
1. Advising all Owners on legal issues such as existing tenancy,
trustees etc ;
2. Preparing and explaining to all owners the terms and conditions in
the Collective Sale Agreement
3. Preparing and explaining to Sale Committee the terms and conditions
relating to the Tender Document ;
4. Acting for owners in the discharge of any Charge and/ or Mortgage ;
5. Preparatory work and attendances for arguments in respect of the
application to the Strata Board for the order of sale under the Act, if
required.
Some Principal terms in Collectively Sale Agreement
1. Reserve price - the minimum price that owners agree to sell
2. Method of distributing sale proceeds
3. The validity period of the Collective Sale Agreement
4. Date to deliver vacant possession
5. Indemnities for the Sale Committee and between owners
6. The Sale Committee's authority and responsibility
7. The Mode of Sale
8. Appointment of Property Consultant and Lawyer
9. Provisions for 80% or 90% majority agreement and undertaking to pay
all costs relating to the Strata Title Board application
Notes: The owners are advised to check with their respective lawyers
with regards to their agreed scope of services and the Collective Sale
agreement. The above is basically a general guideline subject to
variations.
For more
information on Enbloc Sale Documentation, please feel free to
contact
or email us.
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