Many years ago en bloc sales of condominiums required all the unit owners to agree to the sale. A number of such a sales were stopped by a single owner refusing to sell, putting a roadblock between other owners+developers and the big profits. There are many reasons why a person would refuse to sell his home among them sentimental value (sweet memories etc), rental income and the belief that it is worth more. The govt fixed this by amending the law to allow such sales to go through as long as the majority of owners agree to the sale. Now your neighbor can sell your house ...sometimes without you knowing!
Friday, April 20, 2007
This is probably one of those uniquely Singaporean experiences. You wake up one morning and found out that all your neighbors are moving out at the same time. Then some stranger turns up at your apartment representing one of the big developers telling you that your apartment has been sold. You tell him that you have not been informed and have not signed a single document to sell your home. The stranger tells you it doesn't matter your neighbors have decided to sell and you have been sold out!....It used to be only theoretical that such situations can arise given that it is only basic courtesy that your neighbor informs you that you need to move out but the fear that you might put some kind unless legal impediment between them and their $1M dollars can cause people to conspire against you.
Posting Time 7:51 AM
Posted by Lucky Tan