Andre Low on Land Titles (Strata) (Amendment) Bill
Consider the requirement for a standardised disclosure of the likely financial and housing consequences before owners sign the collective sale agreement. Owners should be able to see indicative net proceeds based on the reserve price and apportionment method, with sale costs and relevant mortgage and CPF implications clearly explained. To compare the costs between staying and selling, the disclosure should draw on the existing records held by management corporations. The figures would begin as estimates and updated when an actual offer is available. Owners could then reconsider the reserve price, seek more time to move or decide against launching a sale. NCMP Andre Low made these suggestions in parliament on Tuesday (Sep 8) and stressed the need to establish a fair approach that can guide decisions.
Consider the requirement for a standardised disclosure of the likely financial and housing consequences before owners sign the collective sale agreement. Owners should be able to see indicative net proceeds based on the reserve price and apportionment method, with sale costs and relevant mortgage and CPF implications clearly explained. To compare the costs between staying and selling, the disclosure should draw on the existing records held by management corporations. The figures would begin as estimates and updated when an actual offer is available. Owners could then reconsider the reserve price, seek more time to move or decide against launching a sale. NCMP Andre Low made these suggestions in parliament on Tuesday (Sep 8) and stressed the need to establish a fair approach that can guide decisions.
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