Sales of Uncompleted Properties Flashcards
What regulates the development and sales of uncompleted residential project?
Housing Developers (Control and licensing) Act
For building of more than how many units, must license be obtained?
more than 4, from Controller of Housing
What system is developer supposed to submit weekly report?
Developer Survey System
How many types of license can be applied?
2
Sale license - allow for construction and sale upon building plan approval
No-Sale license- allow for construction but no sale without approval from Controller of Housing
What is the minimum paid-up capital for sales license for different tier of number of units?
Less than 50 - 1 million
50 to 200 units - 2 million
200 to 400 units - 3 million
More than 400 units - 4 million
What is the minimum paid-up capital for No-sales license for different tier of number of units?
$100,000 regardless of units
When can developer start selling?
Sales license from Controller of housing issued
Building Plan Approval by COmissioner of Building
Schedule of strata units approved by Comissioner of Building
What must licensed developer keep with bank for each building project?
Project Account
What is waived for websites advertisement?
Building Plan number and date of building plan approval
How many percent is hombuyer entitled to refund should they not exercise the option?
75% , 25% forfeited
After signing S&P agreement and customer now wants to back out, how much are they expected to be forfeited by Developer?
20% of purchase price
How long is DLP?
12 months from actual date of vacant possession
What is the acceptable difference in area of actual vs agreement?
3%
How many percent is purcahser entitled to refund should they not exercise the option for commercial property?
50%
What are the 4 stages in CSA?
Forming of collective sales committee
Getting the requisite majority conset
Public Auction / tender
Application to Strata Title Board - governed by BMSMA
