Just who is the stakeholder and who keeps the interest on the 10% deposit paid by the buyer?
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Well, the enbloc lawyer is the stakeholder, and that is common practice.
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On the matter of who keeps the substantial interest, well, that is not set in stone. The Law Society's stand on the matter is that the interest on stakeholders funds usually belongs to the stakeholder - but because we are talking hundreds of thousands of dollars, perhaps even millions, this is not automatically the case in enblocs. The enbloc lawyer should canvass the issue with the SC; they can't just quietly pocket the money. I have no doubt that our enbloc lawyer did just that (legally it's called 'excess of caution' I believe), but I take issue with the fact that the SC did not then canvass the views of the owners! The Sale Committee, in their wisdom and without consulting the owners, contractually signed this sum away to the enbloc lawyer. Mind you, when they did this (way back in 2006), they hadn't even been elected / ratified by any of the owners, did they then have the legal right to do so?
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$405,000,000
40,500,000 = 10%
3% interest/yr = $1,215,000
are you able to be more specific as to how or in what form was the signing detected as wrong?
ReplyDeleteYou are referring to HT case. How many ways can a signature be wrong?
ReplyDelete