Wednesday, July 29, 2009

VP and CFO information

Hi All, here is a guideline and precautions from the Ministry of Housing and local Govt.on Vacant possession & CFO which I hope enlighten all the doubts one has!!!

Vacant Possession

Vacant possession on the building complete with water and electricity connection must be handed over within 24 calendar months from the date of signing of the SPA for landed property and 36 calendar months for subdivided building.

Regulation and Rights of House Buyers during the Handing over of Vacant Possession Ensure the property is free from any encumbrances before accepting notice of vacant possession.

If the developer leases the land or the property, the developer must settle the balance payment before handing over vacant possession.

Conditions that must be followed by housing developers:-

1. Certificate from the developer’s architect stating that:
1. the building is completed
2. water and electricity are ready for connection
2. The developer has applied for:
1. the issue of the Certificate of Fitness for Occupation (CFO) through Form E *
2. the local authority has issued a notice stating that Form E has been checked and accepted by the relevant authority.


* Form E is an application from the developer’s architect to the relevant authority for the issue of the CFO.

The buyer is entitled to enter into occupation of the property only upon issue of the CFO by the relevant authority and renovation may be carried out only upon issue of the CFO and approval of the plan by the relevant authority.

While inspecting the building, any defect is recorded and handed over to the developer to be rectified. Make sure you obtain a copy of the report.

The buyer is entitled to claim for late delivery from the developer.

Source : http://www.fullhouse.com.my/public/pub_buy_guide.asp

posted by: royenglt in Subang Galaxy Forum