real reserve

Compliance with the law–Do it the right way from the onset

Office bearers and committee/ council members elected to serve the management bodies should indulge themselves; to educate and equip themselves with the intricacies of the legislation governing strata management vis-à-vis Strata Management Act, its Regulations and the usage of the related Forms as well as understand the scope of jurisdiction of the Strata Management Tribunal and the role and power of the Commissioner Of Buildings. Dealing with the maintenance charges and sinking fund is one of the most important and yet contentious functions of developer, Joint Management Body or Management Corporation (collectively ‘Management Bodies’) in a stratified development. In order to ensure that accountability and integrity are constantly upheld in the Management Bodies, the Strata Management Act...Read More

Act 242 – The proposed Register of Property Managers

A BILL was tabled in the current session of Parliament on 1.8.2017 for its First Reading and subsequently on 3.8.2017 for its Second and Third Readings. It is titled RANG UNDANG- UNDANG – D.R 26/2017 – Bill to amend the Valuers, Appraisers and Estate Agents Act, 1981 (Act 242). The proposal by the Ministry of Finance to amend the Act primarily was to substitute the principal Act to read “Valuers, Appraisers, Estate Agents and Property Managers Act, 1981” to give clarity that the legislation covers aspects of ‘property managers’ and its proposed Register of Property Managers amongst other issues. Readers could download the proposals from: Pertinent Points to Note The National House Buyers Association (HBA) is in support of the Bill to amend the Valuers, Appraiser...Read More