On 29 Aug 2018, we handed over our unit to Sim Lian's representative without hassle.
On 10 Sep 2018 , the remainder of the Retention Sum was deposited into our Bank Account.
Retention Sum : $50,000
Deposited: $49, 093.36
_____________________
Deducted: $906.64
I have been away since August and am only now looking at tying up the loose ends. Seeing as monthly maintenance fee was only $207 - I calculate it should be around $600 at the very most.
I have sent an email requesting a breakdown. (If we got one before, I haven't seen it)
UPDATE:
Eldan was very swift in their response and sent this breakdown:
In case you are wondering about the Property Tax - you recall we had to pay up for the full PT for 2018, but we were also reimbursed $33.33/month (if paying resident owner tax rate) for the period 13 June - 31 Dec 2018 to the tune of $220. This small sum was added to our Sales Proceeds. (See Completion Accounts as at Jun 2018 from the Lawyer's Legal letter. The Developer incurs a higher PT which he asks us to pay.
I hope there is a similar breakdown for the forthcoming MCST Account - which will be distributed 'by the end of the month'.
On 10 Sep 2018 , the remainder of the Retention Sum was deposited into our Bank Account.
Retention Sum : $50,000
Deposited: $49, 093.36
_____________________
Deducted: $906.64
I have been away since August and am only now looking at tying up the loose ends. Seeing as monthly maintenance fee was only $207 - I calculate it should be around $600 at the very most.
I have sent an email requesting a breakdown. (If we got one before, I haven't seen it)
UPDATE:
Eldan was very swift in their response and sent this breakdown:
In case you are wondering about the Property Tax - you recall we had to pay up for the full PT for 2018, but we were also reimbursed $33.33/month (if paying resident owner tax rate) for the period 13 June - 31 Dec 2018 to the tune of $220. This small sum was added to our Sales Proceeds. (See Completion Accounts as at Jun 2018 from the Lawyer's Legal letter. The Developer incurs a higher PT which he asks us to pay.
I hope there is a similar breakdown for the forthcoming MCST Account - which will be distributed 'by the end of the month'.
much more than 10%. reaching 20%. an advice from me is to handover asap because when reaches Oct, you can hardly get a slot to your favorite and you have to wait for your turn, that is also a cost.
ReplyDeleteretention sum is not an issue, just a bit dragging to over 20days.
ReplyDeleteHey Choo..i enjoyed your blog..will you start a new one after you have moved to your new place in east coast?
ReplyDeleteI have already moved out but have yet to hand over my TC keys, though planning to do so by end of the month. The blog will not be very active for a while as I am going back to Europe until the end of Sept. When I return and am less busy with life in general, then I shall settle down into a new routine and I expect this blog will become part of that. It's too much trouble starting a new blog, but I can transform this one even further if I wish. We'll see.
DeleteNice to see you back...more regular updates please
ReplyDeleteWe are also due our refund of sinking fund, which has been taking a long time coming.
ReplyDeleteI have not forgotten the Sinking Fund
DeleteMissed you n your blog....Take care my friend.😘
ReplyDeleteCan blogger or anyone please share how the process of handing over took place and whether any hiccups? thank you!
ReplyDeleteHas anyone received a breakdown on what were deducted from your retention sum?
ReplyDeleteaccording to Clause 18 of the S&P, the vendors have up to 3 months from the date of completion to obtain the audit. It is now past the 3 months period. No news is not good news. What is happening???
ReplyDeleteheard florence regency is getting their maintenance and sinking fund refund soon, when will b ours?
ReplyDeletewe will not get until the auditors/lawyers are able to reconcile the figures...why cannot reconcile..many reasons..you know I know..
DeleteHi there, could you please kindly share your moving out and handing over experience with us? Anything to take note? Thanks!
ReplyDeleteThanks for posting Eldan's update. It says that the audit of the MCST funds has been completed and residents will get the refund at the end of this month. Will we get to see the audit? Yes. We should because we pay for the audit. Are we to accept whatever amount shaft down our throats? No.
ReplyDelete$4306.24 is in.
ReplyDeleteOver 6.5k was written off as bad debts within a space of less than 3 months..something is wrong..
DeleteMissed that - but I didn't go through it with a fine tooth comb. $10/unit? I can live with that. I remember some years ago, a previous Managing Agency let a unit be sold without clearing their privatisation debt. That was a point of contention for a long time between successive Management Councils and the Managing Agent. One said the Agency should pay, the other that it should be written off as unrecoverable debt. Perhaps this is that debt... or something similar.
Delete