Buying Property from Developers: What You Need to Know and Do
The purchase of a home is an important investment decision for many home purchasers. In Malaysia, properties are commonly sold by developers before they are constructed. Purchasers thus bear a heavy risk as they contract and pay for a property that is not yet in existence. In view of this, housing development law is enacted to protect the interests of purchasers.
The book aims to highlight some realities of buying property from housing developers in West Malaysia. In dealing with the subject, the Housing Development (Control and Licensing) Act 1966 and its regulations are considered, they being the principal legislation governing the business of housing development in West Malaysia.
The book is divided into two parts. Part I gives an outline of the laws on housing development in West Malaysia. Written in clear and simple language, the book explains various matters which are of concern to home purchasers. These include: sale and purchase agreement, effect of booking fee, obligations of developers, delivery of vacant possession, damages for late completion, defects liability period, transfer of title and procedure for making a claim at the Homebuyers’ Tribunal.
Part II gives summaries and excerpts of the courts’ judgments on issues which arise in housing law. These summaries facilitate a good understanding of housing law in operation.
Buying Property from Developers: What You Need to Know and Do is a book which should prove beneficial to everyone connected with the housing industry—purchasers, lawyers, developers, real estate agents and financiers.