property-management

Strata Management & Maintenance FAQ

According to a survey carried out by REHDA Institute in 2018

handover

Timeframe of handover from developer to JMB should take into consideration the actual practical operations. For Example, issuance of JMB MC certificate from authorities, opening of bank accounts, selection & appointment of property manager. Therefore, 1 month is not sufficient.

It is a good practice that Developer to start preparation for handover 8 months after the 1st VP and to hold the 1st AGM on the 10th month. If submission of documents to register the JMB to COB is complete (many COB provide document submission checklist), it will take not more than 1 month for COB to issue the JMB registration certificate. With the JMB registration certificate, the JMB can open the Bank account. Thereafter the developer can transfer all monies to the JMB Bank account. Advance preparation is needed for a smooth handover.


Strata Management FAQ on Handover to JMB

  • Handover from Developer’s Management Period to JMB.

Question
Developer offer 1 year free maintenance to all buyers but it was put under 1 account instead of 2 separate accounts for maintenance charges and sinking fund. Thus, developer is unable to call for the 1st AGM of JMB as the account cannot be audited. The developer has obtained approval from COB to delay the 1st AGM of JMB until the accounts are properly separated and audited.

Answer

Developer still need to open 2 separate accounts, a maintenance account and sinking fund account although the fees will be paid by the developer.
The establishment of maintenance account and sinking fund account is quite well spelled out in Sec 10 and Sec 11 of SMA.

  • Timeframe of handover from developer to JMB.

Question
Hand over should take into consideration the actual practical operations i.e. issuance of JMB/MC certificate from authorities, opening of bank accounts, selection & appointment of property manager. 1 month timeframe is not sufficient for handover.

Answer

It is a good practice that Developer to start preparation for handover 8 months after the 1st VP and to hold the 1st AGM on the 10th month. If submission of documents to register the JMB to COB is complete (many COB provide document submission checklist), it will take not more than 1 month for COB to issue the JMB registration certificate. With the JMB registration certificate, the JMB can open the Bank account. Thereafter the developer can transfer all monies to the JMB Bank account. Advance preparation is needed for a smooth handover.

  • Handover of Account

Question
Developer shall handover the accounts before the developer’s management period expires. [15 (1)]. To provide timeframe for preparation of documents for registration at COB within 30 days from the date of 1st AGM.

Answer

Preparation of documents for submission to COB to register the JMB would take approximately 2 weeks. If submission of documents to register the JMB to COB is complete (many COB provide document submission checklist), it will take 2-4 weeks for COB to issue the JMB registration certificate.

A typical COB document checklist for registration of JMB which include:
Notice of first AGM and agenda of the meeting.
Minutes of first annual general meeting.
Attendance of parcel owners.
Voting slip for election of committee members.
Voting slip for motion of the meeting.
List of elected committee members (designation & contact number).
Copy of complete sale and purchase agreement (1 parcel owner only).
Copy of sale and purchase agreement of each committee member with details of:
Name
I/C No.
Unit No.
Copy of I/C (each committee members).
Statement of Account of Maintenance Charges of each committee member up to the date of general meeting.
Letter of appointment of proxy.
Copy of title and layout plan.
Title No.
Lot No.
Register of strata unit owners (as in Form 9, Strata Management (Maintenance and Management) Regulations 2015).
Letter of confirmation of JMB’s official name and address.
(ref : MBPJ COB document checklist).

  • Transfer all balance of monies

Question
The period of transfer of balance of monies in the maintenance account and the sinking fund. [15 (1)]. To provide timeframe for issuance of JMB certificate.

Answer

If submission to COB is complete (Many COB provide document submission checklist), it will take not more than 1 month for COB to issue the JMB registration certificate. The JMB can open the Bank account with the JMB registration certificate. Thereafter the developer can transfer all monies to the JMB Bank account.

  • Opening of JMB Bank account

Question
To provide timeframe for JMB open bank account.

Answer

As soon as after the 1st AGM, the JMC should approach the Bank to make necessary arrangement including to sign all necessary documents for the opening of Bank account. Once the JMB registration certificate is issued by COB and presented to the Bank, the account can be opened within a day.


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