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Minister may issue direction for sale of residential property

Residential Property Act 1976

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—(1) Where the Minister or the Controller (as the case may be) has at any time before or after 1 October 1982 —(a)granted his or her approval under section 25, 26 or 31 to any foreign person to purchase, acquire or retain any estate or interest in any residential property that is not non‑restricted residential property;(b)exempted, pursuant to section 32, any foreign person from all or any of the provisions of this Act;(c)granted his or her approval under section 28 to any foreign person for a change of use of any land owned by that foreign person; or(d)granted his or her approval under section 28A to any foreign person for the development of any land,subject to any condition and the Minister is satisfied that that person has failed to comply with the condition, the Minister may, by direction in writing, require the person named therein to dispose of the person’s estate or interest in the residential property by transferring the person’s estate or interest to any citizen or approved purchaser within a period of not less than 6 months of the date of service of the direction by the Minister.(2) A direction given by the Minister under subsection (1) must be served on the Controller and the person named therein and the subsisting mortgagees and chargees (if any) of the residential property who appear as such on the relevant records in the Land Titles Registry or the Registry of Deeds of the Authority, as the case may be.(3) Where a person who has been directed under subsection (1) to dispose of the person’s estate or interest in any residential property or land fails to satisfy the Controller that the person has transferred the person’s estate or interest within the period specified in subsection (1) or within any further period extended by the Minister, the Minister may issue to the Controller a notice to attach and sell the estate or interest in that residential property or land, and a copy of that notice must be served on —(a)the owner of the residential property or land; and(b)each subsisting mortgagee or chargee (if any) who appears as such in the relevant records in the Land Titles Registry or the Registry of Deeds of the Authority, as the case may be.

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