A group of residents on their own have initiated an enbloc sale of the apartments in our estate. If they get 80% or more (as required by law) of the residents agree to the sale They intend to
1. Pay some residents who bought their properties at a higher price a higher percentage of the proceeds. Is this legal?
2. If unsuccessful the property agent they have given sole rights to effect this sale would have to be paid. Who should pay? All the residents including those against the sale or only those who agreed to the sale?
3. Collect monies for the topping up of the land lease once they hit 40% in agreement. The required percentage for the agreement to be valid is 80%. Can those not in agreement insist that payment be made only if 80% is reached
1. Pay some residents who bought their properties at a higher price a higher percentage of the proceeds. Is this legal?
2. If unsuccessful the property agent they have given sole rights to effect this sale would have to be paid. Who should pay? All the residents including those against the sale or only those who agreed to the sale?
3. Collect monies for the topping up of the land lease once they hit 40% in agreement. The required percentage for the agreement to be valid is 80%. Can those not in agreement insist that payment be made only if 80% is reached
