Malaysia: Developers shall not hand over liabilities to JMB

Property developers handing over their debts and liabilities mainly in the form of water and electricity arrears to joint management bodies (JMB) will evidently jeopardise proper maintenance by the JMBs, said the Malaysian Institute of Professional Property Managers (MIPPM).  In a statement, MIPPM said Sections 15 and 16 of the Strata Management Act (SMA) 2013 explicitly states that the property developer shall transfer and hand over all balance of monies in both the maintenance and sinking fund accounts (after all payments of expenditures have been charged to the accounts) as well as all assets with no mention of liabilities to be transferred.     Read the article……………….

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