EMERGENCY ISSUE: Broker Problem (Gramercy)

EMERGENCY ISSUE: Broker Problem

(This problem at Gramercy may be repeated elsewhere if Master Deeds change without notice.  I have now heard that anger and arguments with new Unit Owners is common at Gramercy.  Buyers turned Unit Owners are dismayed at what they now know.)

(original web post 02/14/13):  A caretaker was told today by the concierge desk at Gramercy Residences that the Master Deed requires that Century Properties Inc Leasing share in the commission.

I asked was the Master Deed or any of the important documents I told others about given upon turnover/closing? Was this made known to all buyers?

Most importantly, is it true? And, is it legal under the laws of the Philippines. I have learned that just because it is in the Master Deed or By-laws and was submitted to a government agency does not make it legal or a new law.

As an example, Soho Central had voting rights by area in the Master Deed and one vote per unit in the By-Laws - a conflict. One of the current unelected Board members who is a unit owner even called for an acclamation in 2011 before the Board walked out of the Annual Meeting. Seemingly none of the geniuses on the Board then and the "Steering Committee" had read or caught the problem in the building's documents. The By-Laws were illegal and the vote called was illegal and it did not make either legal due to the legally called for meeting and documents submitted to the government. Mixed-use buildings must have votes based upon area.

I had given the name and contact information for a lawyer at the closed pre-turnover Gramercy forum. I would suggest that Unit Owners now discovering or being told this news consult a lawyer immediately.http://www.skyscrapercity.com/showth...61835&page=388

I looked through the Knightsbridge Master Deed and did not see any such requirement.  (The Master Deed for Gramercy was amended without notice adding a restriction regarding leasing.  Will the same be for other projects?)

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UPDATE (02/17/13) : See this policy below. Under what laws of the Philippines are these rules allowed? Who approved this policy? What committee approved this policy? Are there Minutes and Resolutions from the meeting that took place? Please read this carefully and then be prepared for the zinger at the end. Does it get any worse?

Click here for a .pdf of the policy.

Everything about this policy stinks. But number 7 demonstrates the depth of the stench. I was told that at age 55 and above getting an official license is not needed. A scenario can then be assumed given the stench of this policy with no cited justification under Philippine law that by default all those Unit Owners selling their property, YES their property, are brokers. They would be brokers since they are engaged in brokering a deal to sell their property. They would then be required or a demand put upon them to pay a commission. Who gets this commission?

So all those buyers at Gramercy Residences who paid for properties are not really owners since the terms of renting and selling are dictated by Century. So I guess they paid for property that is really owned by Century but the residents just paid not an ownership price but an amount giving them a trust so they could live there. Century must also share the profit when selling this odd trust due to monopolistic control. Is this not so?

I was also told that a lawyer stated that Master Deeds cannot be against the Unit Owners.

UPDATE (03/17/13):  Gramercy Residences - Deed; Amendment; 2nd Amendment (I have been told that it is being changed and that they would not give a hard copy to a unit Owner.  Does this mean another (3rd) amendment?  Yes, no warning to buyers and current Unit Owners if true.  What is going on there and at all properties given secrecy and private board meetings?)
UPDATE (03/22/13):  These are the Rules & Regulations for Gramercy.  Yes, just when you thought it could not get worse.  Read them carefully.