Amendment to the National Real Estate Communiqué on Substitute Sales for Unsellable 2/B Properties
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This amendment changes how eligible people can receive another Treasury-owned 2/B property when the property they are entitled to buy cannot legally or practically be sold. If they request it, authorities may offer a directly saleable equivalent property, first within the same province and, if none is available, potentially in another province under rules set by the Ministry. The value of the replacement property can differ from the original property's market value by up to 20%. If the difference benefits the Treasury, the buyer must pay it in cash before title registration. If the unsellable property includes structures or improvements owned by the person, their assessed value is added to the land value but then deducted from the market price of the replacement property.
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Key Changes
- Allows eligible holders of unsellable 2/B property rights to request the direct sale of an equivalent 2/B property.
- Requires authorities to look first for an equivalent property in the same province, with cross-province options to be set by the Ministry if none is available.
- Sets a maximum 20% value difference between the original and replacement property and requires cash payment of Treasury-favorable differences before title transfer.
Obligations
What this law requires
When an eligible right holder requests a replacement for a finalized but unsellable 2/B Treasury property, the administration must notify them in writing that another directly saleable 2/B property may be offered, prioritizing equivalent properties within the same province.
If no equivalent replacement 2/B property is available within the same province, the Ministry must determine the rules for treating properties in other provinces as equivalent replacement properties.
Where the unsellable property contains structures or improvements owned by the right holder, the administration must determine the value of those improvements under Article 17(2), add that value to the land value, and deduct it from the market price of the replacement property sale.
The administration must ensure that the market value difference between the unsellable property and the proposed replacement property does not exceed 20%.
If the market value difference of up to 20% is in favor of the Treasury, the right holder must pay the difference in full, in cash, without discount, before title deed registration procedures are completed.