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THE report, 'Valuation wrong, so strata board rejects sale of Regent Garden' (ST, Jan 31), on the dismissal of the collective sale application for Regent Garden, quoted a property industry source stating that, in past cases, where there were no objections, the Strata Titles Board 'would just approve a sale without looking into the merits of the case as there was no need to'.
This is incorrect. Under the Land Titles (Strata) Act, the board is required, in all cases, whether objections are filed or not, to satisfy itself that the collective sale transaction was made in good faith, after taking into account the following factors:
The sale price for the whole development;
The method of distributing the proceeds of sale; and
The relationship of the buyer to any unit owner.
It was also reported that the buyer expressed 'surprise' that the board heard the case despite pending court proceedings. The board's action is not incorrect. Unless the collective sale application is withdrawn, or the board is ordered by a court to suspend its proceedings, the board is required to decide on the application.
Prema Rengarajoo (Ms)
For Registrar
Strata Titles Board
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