The developer is required to remedy defects, narrowings or other defects in the property resulting from the wrong transformation or equipment, within 24 months of the construction of the land in free ownership. In order to ensure the availability of a default correction fund during the liability period, the remaining 2.5% of the purchase price is held by lawyers as stakeholders. 24 months from the date of the sale contract – Calendar G In addition, one of the most important features of HDA in protecting the interests of homebuyers is the implementation of the housing account (“HDA account”), in which each developer must open and maintain a HDA account for each residential construction and all payments that the developer receives from the sale in residential construction must be paid into the HDA account. Calendar G and Calendar H are mandatory for the sale and sale contract of Sell-then-build real estate. The difference lies in the type of accommodation for which it is used. Calendar G is mandatory for the sale and purchase of an apartment with the subdivision of the land, for example.B. terraced houses, semi-detached houses, bungalow, etc. the number of display and license of sale and the date of validity; The sale and purchase of real estate under construction is governed by the Housing Control and Licensing Act 1966 (HDA) when it is a dwelling or dwelling. In addition to real estate reserved for residential units, HDA also covers real estate with partial commercial characteristics, such as. B as store apartments and service apartments that are built on agricultural land required for commercial use.
The essential conditions of the sale and sale contract are as follows: while the H calendar for the sale and purchase of a dwelling in a building subdivided into land or land intended to be divided into parcels, such as condominiums, dwellings, terraced houses and/or land of the land layers, the H calendar is mandatory. The second model requires buyers to have a 10% down payment at the signing of the sale and sale contract and the balance of 90% after the conclusion of the property. This model includes a 10% prepayment before the completion of the property and is therefore submitted to HDA. Purchase price to be paid gradually to the developer on the basis of the state of work and in accordance with the payment plan established. In Western Malaysia, most developers practice the “Sell then build” model, with developers proposing the property for sale before the completion or during the construction of the property. When the developer creates and completes the property with a certificate of compliance and certification before it is put up for sale. In this model, the buyer is not required to make a payment before the property is completed; Therefore, this does not go within the scope of the EEA. The terms of sale and purchase are governed by the contractual documents seized between the buyer and the promoter. The developer does not have the freedom to remove buyer protection in the standard agreement. All the conditions inserted by the developer to amend the contract are also not null and void to ensure that the terms of the purchase and sale contract do not unduly benefit the promoter, all promoters are required to adopt the form of the purchase and sale contract according to hda. The construction specifications and materials used to build the property are also defined in the sales contract.