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PROPERTY TRANSACTIONS (Housing Developers (Purchase process (OTP (Name…

- - - - Min paid up capital and track record needed (see pg 19 CU 4)
      - Project Account
        (for project/phases)
        
        Not needed if development commissioned by govt or BG=140% of construction cost
        
        Payment of taxes, professional fees, construction-related costs, interests, admin expenses (max 5% of construction cost)
        
        Excludes payment of DC/DPs
  - - - 85% paid up on TOP issuance (house keys)
      - If title issued before CSC
        
        2% to developer
        
        13% to SAL (8% to developer on production of CSC; 5% after 12 mth defect liability period from date of vacant possession)
      - If title issued after CSC
        
        8% to developer
        
        5% to SAL for defects
        
        2% to developer on issuance of title and completion of sale
      - Progressive payments during construction
    - - Use standard form prescribed in Housing Developers Rules
      - OTP form cannot be amended unless with Controller of Housing approval
      - Must be signed by authorised person from developer
      - Cannot be assigned
      - Name change
        
        Only once and with Controller's approval
        
        Must have one existing joint holder
        
        Substitution with/addition of immediate family member only
      - Register of bookings must be maintained by developer in prescribed format
    - - Send notice and delivered by date specified in S&P
      - Also deliver Temp Occupation Permit or Certificate of Statutory Completion (issued by Commissioner of Building Control)
      - Defects liability period
        
        starts 12 mths from this vacant possession
        
        Repair within 1 mth
        
        Otherwise notify developer of 3rd party costs, wait 14 days for rectification before conducting repairs and claiming costs
    - - By date on S&P or 3 years from vacant possession (earlier), otherwise claim liquidated damages
      - Issue Notice to Complete, execute proper conveyance within 14 days and hand over Duplicate of SSCT or CT
    - - Prop information (size, amenities in 500m radius), building specs
      - Amendments made to S&P agreement, as approved by Controller
      - No. of housing units and car park lots if car park lots<housing units
      - Track record of developer
    - - Late instalment payment
        
        2% per annum on top of base rate (avg of prime lending rates)
        
        14 days to pay up
        
        21 days notice by Vendor to treat agreement as repudiated
        
        Forfeit 20% of purchase price (excl interests)
      - Late vacant possession/completion
        
        Because of seller
        
        8% pa it on purchase price from scheduled completion date
        
        Because of buyer
        
        8% pa int on balance of purchase price
      - Reduction in floor area by >3%
        
        Reduction in purchase price at rate of unit purchase price for every square meter or part thereof
- - - - Valuation report as at date of close of public tender/auction
      - Report on proposed method of distributing sale proceeds
    - - Within 14 days of advertisement
      - Include list of objecting owners
    - - Affix notice in conspicuous part of each building
      - Serve notice of proposed application to all owners/persons with interest in land register by registered post
      - Objections to notice to be filed to STB within 21 days, forwarded by STB within 5 days to CSC reps
  - - - Satisfied entered in good faith
      - Consider sale price, method of distributing sale proceeds, relationship of purchaser to flat owners
    - - Reject if
        
        Objecting unit owner will suffer financial loss (excludes owners who bought after collective sale agreement was signed
        
        Sale proceeds cannot cover mortgage or charge
      - Up to 60 days for mediation
      - If cannot be settled
        
        7 days notice of Stop Order intention
        
        Objections not withdrawn
        
        Application to High Court made in 14 days, same objectors can apply to High Court
        
        STB issues Stop Order
        
        All objections withdrawn
        
        STB issues order for en bloc sale
  - - - <10 yrs: 90% of share value AND 90% of total area
      - /=10 yrs: 80% of share value AND total area
    - - Definition
        
        Motion for collective sale is defeated i.e. <20% of share value or <25% of total SPs' votes
        
        Collective sale agreement expires without application to STB or High Court being made or approved
        
        CSC dissolves at end of 12 months after it is constituted
        
        All CSC members removed without replacement
        
        Quorum (30% of share value) for general meeting
        to discuss collective sale not met within 1 hr
      - Stricter requirements for subsequent attempts
        
        1st attempt: 50% of total SPs/total share value
        needed at requisition
        
        2nd attempt: 80% of total SPs/total share value
        needed at requisition
    - - Monthly updates on progress of collecting signatures (conspicuous location)
      - 5 day cooling-off period to rescind signature (excl weekends)