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Housing Development (Control & Licensing) Act 1966 Highlights

1. Housing Developers are required to obtain a license from the Ministry of Housing and Local Government
2. All monies collected from purchasers for a property development are deposited directly into an escrow account (ie; Housing Development Account). Withdrawals from this account are only permitted for matters directly relating to that particular development. Each development has its individual independent Housing Development Account.
3. Developments must obtain an Advertising and Sale Permit from the Ministry of Housing and Local Government (renewed annually) before any promotional activities or sales can be conducted.
4. All developments must adopt a prescribed SPA. No clauses may be amended, included or omitted without express approval from Ministry of Housing and Local Government.
5. Payment schedules will follow the prescribed Third Schedule in the SPA.
   
   
   
   

Building and Common Property (Maintenance and Management) Act 2007 Highlights

1. A Joint Management Body (JMB) shall be established consisting of the developer and the purchasers upon the convening of the first meeting, not later than twelve months from the date of vacant possession delivery to the purchasers.
2. A Joint Management Committee (JMC) will be elected to make decisions on the management of the development.
   
   
   

Strata Titles Act 1985 Highlights

1. The Management Corporation (MC) will be formed within one month of 1/4 of the aggregate share units have been registered as owners of the parcels.