Sales of Condo Proceeds To Be Spilt By Order Of Court

Sales of Condo Proceeds To Be Spilt By Order Of Court

The Hillview Condo

The brothers purchased the Hillview condominium 16 years ago for $880, 440.

Cheong Kok Leong, nevertheless, promised the money was a loan that he had already paid with TODAYonline reported back.When he retired as a contractor, the senior Cheong saw his income drop in late 2004. With this, he started urging his brother to sell the $880,440 condominium they bought in 2000 to realise his investment.

The Story begins…

By issuing him three cheques totalling $87,000 in dividends. for decades, the smaller brother foisted him off The defendant also claimed there were 65 other occasions when he gave money to his brother, which amounted to $320,000.

As such, he had efficiently reimbursed the older brother and had given him an additional $120,000, which constituted bad debts, said the defendant in his countersuit.Judicial Commissioner Audrey Lim, nevertheless, was not convinced by the defendant’s account.In ruling for the older Cheong, the judge questioned why someone would invest a lot of money without setting interest rates or fixed repayment dates. Both parties had agreed on an equivalent share in the unit, while the contribution of the older brother was only a portion of the property’s acquisition cost, said JC Lim.

The Verdict

The truth is, the younger Cheong, who’d taken out the maximum mortgage, wouldn’t have really been able to buy the property without the plaintiff’s contribution.“It wasn’t as though the agreement represented a poor deal for the defendant.

Because of this, the judge ordered the younger man to sell the property, which he split the proceeds with his brother, and declared entirely in his name. He also has to return the latter’s share of rental income over time, including the interval instead of renting it out where he stayed in the condominium.

Did you know?

With the downtrend of property market, it’s common practise to encash the property by selling it. Indicating that selling price will be soft. So one could either wait for a good buy or spot any good new launch in 2017 as the price will be more justifiable. Experts are looking into the new development by LendLease – Park Place Residences and CEL – Grandeur Park Residences..

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