PETALING JAYA (Oct 23): The Temporary Measures for Reducing the Impact of Coronavirus Diseases 2019 (Covid-19) Act, which was gazetted today, has offered some solutions to the property industry stakeholders and property buyers.
Read also
HBA: Covid-19 Act could be improved on and be more relevant
Here is a summary of the measures:
● For the agreement signed between purchasers and developers before March 18, if the purchasers failed to serve their housing loan instalment between March 18 – Aug 31, 2020, developers should not impose late payment charges on the unpaid instalment. Purchasers could apply for extension up to Dec 31, 2020.
● For the property developments which should be delivered between March 18 – Aug 31, 2020, developers could apply to the government to extend the time of delivery of vacant possession up to Dec 31, 2020.
● For the Defect Liability Period (DLP): Any agreement signed between the purchaser and developer, for the period from March 18 – Aug 31, 2020, should be excluded from the calculation of DLP. Purchasers could submit an application to the Local Government and Housing ministry for an extension of up to Dec 31.
● For the Tribunal for Homebuyer Claims, if the limitation period to file a claim has expired during March 18 – June 9, 2020, the homebuyer is entitled to file claim from May 4 – Dec 31, 2020, and the Tribunal for Homebuyer Claims shall have jurisdiction to hear such claim.
● Inability to perform contractual obligation: For any parties who are unable to perform any contractual obligation arising from any of the categories of contracts due to the measures under the Prevention and Control of Infectious Diseases Act 1998 [ Act 342], shall not be the reason for the other party to exercise the rights under the contract.
Any disputes arising out of this may be settled by way of mediation.
These contracts include:
● Construction work related contract (including consultancy and supply of materials, workers and equipment);
● Performance bond or equivalent that is granted pursuant to a construction or supply contract;
● Professional service contract;
● Lease or tenancy of non-residential immovable property;
● Event contract for venue, accommodation, amenity, transport, entertainment, catering or other goods or services including, for any business meeting, incentive travel, conference, exhibition, sales event, concert, show, wedding, party or other social gathering or sporting event for the participants attendees, guests, patrons or spectators of such event;
● Contract by a tourism enterprise as defined under Tourism Industry Act 1992 [Act 482] and a contract for the promotion of tourism in Malaysia;
● Religious pilgrimage-related contract.
Get the latest news @ www.EdgeProp.my
TOP PICKS BY EDGEPROP
Bandar Baru Sri Damansara
Bandar Sri Damansara, Selangor
OG Heights
Jalan Klang Lama (Old Klang Road), Kuala Lumpur
Danau Idaman & Danau Impian
Taman Desa, Kuala Lumpur
DO MORE WITH EDGEPROP.MY
-
Read newsRead the latest news and in-depth coverage of Malaysian property - what's hot, what's not and more
-
Search listingsFind residential or commercial properties for sale, rental and auction by licensed agents
-
Search new projectsCheck out over 200 new project launches and offers by developers in Klang Valley and other locations
-
Get property market insightsGet your personalized property report (including estimated home value) and find past transacted data
-
Get home design ideasZING.my can help you get started on your renovation project. Find hundreds of design portfolios by professionals in Malaysia
-
Partner with usAre you a real estate agent or home professional? List your properties or portfolio with us for free and get quality leads.