May 18, 2018

Draft Completion Account


Some have already received theirs by email. I await mine with understanding & patience :)

I haven't received my email yet, and so haven't seen the complete breakdown  - but from what I can gather the fees in excess of the stated 1.28%  are looking reasonable.

 I calculate about 1.39% of your sales proceeds in total.

An addition to my Method of Apportionment Table (columns hidden) APPROXIMATION ONLY but should be out by about a few dollars only.



Personally, I think the fees are topsy-turvy. In my opinion, the Marketing Agent did diddly-squat : they only brought a solitary bidder to the table - who, for all we know,  might have been there from the beginning.  The real time consuming work was done by the Solicitor.  I would have preferred my $18k to go to the Solicitor and the MA get the $5k!

Received my Draft Account by email and the legal fees are all neatly laid out. The marketing agent, on the other hand, just gave a bald $9000 for marketing expenses. I said somewhere that $5000 of that might be for the STB Application fee - but I was wrong as that particular fee is included in the Legal bill.

So, MA, why are you charging an extra $9k without any reason or documentation?

I have requested for a breakdown. Shall see if one is given.

25 May 2018

Received an answer from the Lawyer and two invoices:
1) Invoice for Apportionment method dated 28 Aug 2017 for $4500
2) Invoice for Market Land Value dated 7 Aug 2017 for $4500

FYI: the Close of Tender was on 25 Aug 2017

27 comments:

  1. Anonymous18 May, 2018

    Ours around 1.41%..

    ReplyDelete
  2. Anonymous18 May, 2018

    Just wondering if things are right?

    Not sure since when the developer SL has set up office in the conference + activity rms. Is SL paying for the use of our facilities? We SPs paid charges up to May and were told to bear charges up to date we vacate.

    Next, I found out the mgt office is now run by two property officers. The so-called Acting Condo Manager now only comes once in a while. Our contract with Abacus continues at a fee for one qualified condo manager, one qualified property officer and one technician.

    ReplyDelete
  3. Anonymous18 May, 2018

    We were doomed from the day we appointed this MA. My property agent for my replacement home told me the whole property industry is having a good laugh at TC for nobody else pay 1% commission. We have only ourselves to blame.

    ReplyDelete
  4. Anonymous18 May, 2018

    Agreed. The MA was a horror story throughout the entire process.

    Remember the horrible gone-deaf, gone-dumb 6 mth period from Sept to Mar. Oh boy.

    And yes, you're right, no MA charges 1% now.

    ReplyDelete
  5. Anonymous19 May, 2018

    Can share how much MA charged pls? 1% or still impose the 7% gst on us, my friend enbloc MA got absorb gst.

    ReplyDelete
    Replies
    1. GST is extra ... as is another $9k which I have not seen the breakdown of yet. I am still awaiting my email.

      Delete
  6. Anonymous19 May, 2018

    With regards to the $9k, there is no breakdown, it’s simply listed as ‘Total Reimbursable Marketing Expenses’
    Now, call me stupid but I ‘thought’ the $10 million plus in fees would have included ‘marketing expenses’ (I don’t have the CSA nearby to have a look)
    Sure, it’s only $16 each but I don’t feel like giving $16 ‘coffee money’ to these guys after the way we were treated and want to question it and get a breakdown of where exactly it went to.

    ReplyDelete
    Replies
    1. No breakdown, eh? Now that is what i call 'unaccountable'.
      According to the CSA there is a small clause 3.7 in their terms of appointment which states we pay for the costs & expenses of the application to the STB and the cost of advertising in the local newspapers. From the STB website the application fee is $5k. The newspaper adverts were small so I would say about $76 each x 4 (looking at the ST rates).
      What's the extra $3k?

      Delete
    2. Anonymous20 May, 2018

      When I signed those documents on 28 April and queried about those expenses, the young, cocky and curt female lawyer who attended to me said I could go to the law office to view the bills/invoices if I so wish.

      Hey, blog owner, we should get the lawyer to sign a letter confirming they print ___ pages x 0.15 pp = $ ___ per SP.

      All of us reserve our rights to query whatever we have to pay out of our pockets. it is our money. Don't let them simply deduct what they deem right from our sale proceeds. Should any item you think is unaccountable/unreasonable/unjustifiable, refer to the Law Society.

      Delete
  7. Anonymous20 May, 2018

    u forgot about the cheapo amateur video posted on youtube.

    ReplyDelete
  8. Anonymous21 May, 2018

    Can those received emails pls state the blocks you stay. Desperately wait for my email. Will lawyers send emails according to ascending block numbers?

    ReplyDelete
  9. Anonymous21 May, 2018

    22 days and counting down...

    ReplyDelete
  10. Anonymous22 May, 2018

    Email received on 17th. Blk 119

    ReplyDelete
    Replies
    1. Anonymous23 May, 2018

      Thank you. I still haven't received mine. I sent emails to lawyer but no reply yet, guess they must be super busy.

      Delete
  11. Anonymous23 May, 2018

    To Anonymous 6: I share your view that the MA has to account for the $9,000 and not simply give a one sentence. I have written to the lawyer to request the MA for a breakdown.

    ReplyDelete
  12. Anonymous23 May, 2018

    I receive calls from UOB, saying they partner with TC enbloc. They will offer privileged banking package to all TC resident. Any advice on this? The proceed I got will straight away used to finance my next purchase, not much left.

    ReplyDelete
    Replies
    1. Anonymous23 May, 2018

      It was the MA who gave UOB this exclusive business. That is how the buffet spread over the last 3 days of signing came about. It is best to shop around, talk to people in the know and other banks to arrive at which bank gives you the best rates and the best way to finance your next purchase.

      Delete
    2. Anonymous24 May, 2018

      Thank you but really nothing left after the new purchase.

      Delete
  13. Anonymous23 May, 2018

    Does anyone know if you need to bring all the cards as well as the receipt to get the refund for the access cards from managing agent? I don't have the receipt already.

    ReplyDelete
    Replies
    1. Anonymous24 May, 2018

      No need receipt. Just need to bring NRIC and the green access cards (those for domestic helper/tenant). No refund for resident's access card (purple ones). Refund of $50 for domestic helper's access card and $100 for tenant's access card. According to the mgmt office, cheque will be ready for collection in about a month's time.

      Delete
  14. Anonymous23 May, 2018

    Received 23 May 12:25 Block 120

    ReplyDelete
    Replies
    1. Anonymous23 May, 2018

      Block 128 still wait for the email. Seems like in ascending block order.

      Delete
    2. Anonymous24 May, 2018

      Block 128 received.

      Delete
  15. Anonymous25 May, 2018

    Received the email today. Block 131.

    ReplyDelete
  16. pre launch today of affinity at sergrangoon ,ie SV and margrate villeare are damn cold.
    after lunch ,both are open to walk in buyers.
    it means not many cheques submitted,after few months of marketing.

    usually,new launch see balloting till high tea ,if not dinner.

    if you hv not bought any,wait

    till money in your bank account..

    ReplyDelete
  17. Anonymous05 June, 2018

    Good Morning, Just curious, why the lawyers have not send us the original hard copy after all they are have already minus the amount for all the paper work.
    just my thought

    ReplyDelete