QUOTE(Jingle91 @ Oct 10 2023, 08:02 AM)
My apology, I was the one confused. As the power attorney is signed for bank loan, not for DMC.
My DMC did not say that I agreed for foreclosure. It only mention if MC has exhausted all ways listed under the paragraph yet still unable to recover the expenses, I as defaulter agreed that MC has its final discretion to take any action which it think is fit.
But if I need to sell the house, it is my obligation to get new buyer to sign the letter of undertaking from the MC for him to continue follow the DMC and relieve myself from it.
QUOTE(Jingle91 @ Oct 10 2023, 08:08 AM)
Think best is to refer to your DMC. As my one is under strata and it seen like different from yours.
For my one, the developer has it's own property management company, so both are named in DMC. Ultimately it will be managed by the MC. Even if the MC is changed, it shall continue valid for subsequent MC come into the place, no discontinuity.
I was surprised when you mentioned foreclosure which is a drastic action and not even provided in the Strata Act.
At most the mgmt can seized the moveable property (tv, fridge, washing machine, sofa etc) of the defaulter to recover the outstanding under the Strata Act but for private DMC, how far can they go to recover is another thing.
As for subsequent buyer under private DMC, the seller can inform the buyer but is not obligated to ensure he sign again. It will be his 'disputes' with the mgmt.
And lawyers won't know the existence of any private DMC in an individual title unlike strata unless it is made known to him and he will then request the seller or his lawyer to provide further info.