SCHEDULE OF PAYMENT OF PURCHASE PRICE FOR LAND AND BUILDING
(SCHEDULE G)
1 Immediately upon the signing of this Agreement = 10%
2 Within twenty one (21) working days after receipt by the Purchaser of the Vendor’s written notice of the completion of :-
(a) the foundation and footing works of the said Building = 10%
(b) the reinforced concrete framework of the said Building = 15%
(c) the walls of the said Building with door and window frames placed in position = 10%
(d) the roofing / ceiling, electrical wiring, plumbing (without fittings), gas piping (if any) and internal
telephone trunking and cabling to the said Building = 10 %
(e) the internal and external plastering of the said Building = 10%
(f) the sewerage works serving the said Building = 5%
(g) the drains serving the said Building = 5 %
(h) the roads serving the said Building = 5%
3 On the date the Purchaser takes possession of the Building with water and electricity supply
ready for connection = 12.5%
4 Within twenty one (21) working days after receipt by the
Purchaser of the Purchaser’s solicitor of the written confirmation
of the separate document of title to the said Lot together with a valid
and registrable Memorandum of Transfer to the Purchaser duly
executed by the Vendor or on the date the Purchaser takes vacant
possession of the said Building, whichever is later = 2.5%
5 On the date the Purchaser takes vacant possession of the said Parcel as in item 3 and to be held by the
Vendor’s solicitor as stakeholder for payment to the Vendor as follows = 5%
(a) two point five per centum (2.5%) at the expiry of
six (6) months after the date the Purchaser
takes vacant possession of the said Building
(b) two point five per centum (2.5%) at the expiry of
eighteen (18) months after the date the Purchaser
takes vacant possession of the said Building.
TOTAL = 100%
PROPERTY DEVELOPMENT IN MALAYSIA
In Malaysia, when you want to buy a house, say RM200,000.00 (about USD50,000.00), you have to pay 10% of the purchase price i.e. RM20,000.00. After that, you will sign the sales & purchase agreement with the developer. The developer will bill you in stages depending on the progress of the construction of the houses and it normally takes about 2 years to complete.
LAWS AND REGULATIONS RELATING TO HOUSING DEVELOPMENT
Ministry of Housing and Local Government
· Housing Developers (Control and Licensing) Act 1966 (Revised 1973) (Act 118)
· Housing Developers (Control and Licensing) Regulations 1989
· Housing Developers (Housing Development Account) Regulations 1991
Local Government Department
· Control of Rent (Repeal) Act 1997 (Act 572)
· Control of Rent Act 1966 (Act 363) (Revised 1988)
· Federal Territory of Kuala Lumpur Land Rules 1995
· Local Government Act 1976 (Act 171)
· Malaysian Constitution, Schedule 9, Item 76(4) & 95(A)
· Road Transport Act 1987 (Act 333)
· Street, Drainage and Building Act 1974 (Act 133)
· Town and Country Planning Act 1976 (Act 172)
· Uniform Building By-Laws 1984
National Housing Department
· Street, Drainage and Building Act 1974 (Act 133)
· Uniform Building By-Laws 1984
Fire Services Department
· Fire Services Act 1988 (Act 341)
· Uniform Building By-Laws 1984
Department of Town and Country Planning, Peninsular Malaysia
· FMS Town Board Enactment (Cap 137) Chapter IX
· National Land Code Act 56 of 1965
· National Land Code ( Penang and Malacca Titles) Act 1963 (Act 518)
· Street, Drainage and Building Act 1974 (Act 133)
· Strata Titles Act 1985 (Act 318)
· Town and Country Planning Act 1976 (Act 172)
· Uniform Building By-Laws 1984
Sewerage Services Department
· Sewerage Services Act 1993 (Act 508)
Other Related Legislation
· Communications and Multimedia Act 1998 (Act 588)
· Continental Shelf Act 1966 (Act 83)
· Environmental Quality Act 1974 (Act 127)
· Electricity Supply Act 1990 (Act 447)
· Land Acquisition Act 1960 (Act 486) (Revised 1992)
· Land and Mining Plans and Documents (Photographic Copies) Act 1950 (Act 233) (Revised 1980)
· Land Conservation Act 1960 (Act 385) (Revised 1989)
· Lembaga Pembangunan Industri Pembinaan Malaysia Act 1994 (Act 520) (Construction Industry Development Board / CIDB)
· Malaysian Communications and Multimedia Commission Act 1998 (Act 589)
· Mining Enactment (FMS Cap 137)
· Municipal Ordinance S.S. Cap 133
· National Land Rehabilitation and Consolidation Authority (Incorporation) Act 1966 (Act 398) (Revised 1989)
· Occupational Safety and Health Act 1994 (Act 514)
· Real Property Gains Tax Act 1976 (Act 169)
· Urban Development Authority Act (Act 46)
· Waters Act 1920 (Act 418) (Revised 1989)
· Waters Enactment FMS Cap 146
