Friday, October 4, 2013

Thomson View en bloc: Double trouble?


Our de facto business paper has reported that the legal costs and disbursements incurred by the Thomson View Condominium homeowners who had consented to a proposed $590 million en bloc sale is in the six-figure range.

These costs, from the onset of applications to the Strata Titles Board and to the courts, increased considerably because of new issues that arose when the secret incentive payments made by HSR International Realtors to four owners became public midway through the legal action.

Since the order for the collective sale was refused because the High Court found these offers by HSR amounted to bad faith, the next issue is whether the Thomson View Sale Committee (CSC) will take action against the real estate agency and the four owners, and whether it can recover damages.

Lawyers said the owners of the 215 units had agreed to the en bloc sale. Under the collective sale agreement, the consenting owners are liable to contribute towards legal costs. At this stage, the owners have been asked by the CSC to make payments to account for costs and disbursements. And those who refuse to pay costs may be exposed to a claim by the CSC for such contributions.

Looks like the Thomson view en bloc saga is far from over...



1 comments:

Fredo Lopez said...

Its best that we wait for the right time to invest in Real Estate Investments Australia. We must know when is the right time to invest in this business to make sure that we will not waste our investment money for nothing. Know the risk and learn things that will help us in handling our business for our future.

http://real-estate-in-australia.blogspot.com/2013/08/Property-Investment-Mackay.html

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