You’ve Got Your VP
Learn About A Little Something Called Vacant Possession (VP)
Category: Step 4: The Last Hurdle | Tags: Finance, Handover, Home, The Journey, VP
Woohoo! Your home is completed and it’s time for the developer to hand over the house to you. Congrats, you’re now a homeowner! Now that you’re going to get your keys, let’s learn a little something about this process called Vacant Possession (VP).
When you first get your Sales and Purchase Agreement, the details of your home’s delivery to you is stated in that very important document. For landed properties, your VP will be within 24 months, and for high-rise or Strata titles, it will be 36 months from your SPA signing date. But don’t forget to double confirm this fact again with your developer!
As time goes by, your house is coming to you brick by brick. When everything has been completed, your home will stand for an exam test called Certificate or Completion and Compliance (CCC) by the industry officials. This certificate is a must because it ensures that your house is safe to be occupied by you, your family, and cute pets. So if the developer does not provide the CCC to you, call your lawyer. But they usually would, so let's get to the next step!
After you’ve finalized your Buyer's Portion payments and your water and electricity is connected, it’s time to do a very thorough defect check on your new home! Your home will be under a “warranty” by the developer and it is called the Defect Liability Period (DLP). You will have two years to file for any defects found in your home. But let’s not wait for so long and remember not to do any renovations as that will commonly void the DLP. SO do it as soon as possible because the faster you get them fixed, the faster you can live in your home with peace of mind.