Lately, I (assignee) bought a completed with CCC issued for years' landed property from an assignor and fully paid the purchase price (transaction price). The landed property is gated & guarded, freehold land, strata title issued but the State Authority places a restriction in interest in the Land / property. So, the State Authority Consent is required for sub-sale although all parties agreed with direct transfer. On top of the state authority consent, the developer is not issued the vacant possession to the new purchaser(s) until such time the strata title is registered under the new purchasers' name. In short, sub-sale will take some time to complete the transaction i.e obtain the state authority consent will take months. Worst part, the developer is not allowed the new purchaser(s) to stay or renovate (interior) the property although all legal documents have executed & stamped (SPA, LACA & etc between the original purchaser(s) with the new purchaser(s)). With Strata Title available but no legal binding agreement with the developer & no outstanding amount with the developer. Don't understand why the developer have such powerful right?
Strata act 757
Aug 18 2024, 10:58 AM
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