Memorandum:
June 21 2014
Subject: Non negotiability (can not be sold/exchange/transaferred used as collateral) of SIP
Objective: 1. To sell more HGMP plots
Reality/Background
We sold SIP to answer the affordability problem. However they are non negotiable in the absence of Certificate of Ownership. Thus they can not be sold, transferred, exchanged. (Since there is no CO.) However there are still SBU still requesting for loans and transfer/exchange. The said request can not be given due course/acted upon
You can not execute a deed of sale for another deed of sale. At most you can execute an ARU for it to be assignable.
An SIP does not posses the character of transferability, since there is no CO
What to do next:
1. Remind everyone of this fact
2. Encourage customers to convert SIP to DIP so that they can negotiate their lots. This can be done only at a current price on 60% of the balance.
Jorge USt
Holy Gardens Group
CONFIDENTIALITY NOTICE/disclaimer: The information contained herein is strictly confidential in nature and is the property of Holy Gardens Group and intended only for the intended recipient and its reuse,reprinting or taking action other than the intended party is strictly prohibited. Holy Gardens assume no responsibility liability arising from such unauthorized use.
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