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Understanding the Importance of Vacant Possession in Property Transactions

Mannju on September 5, 2023

When it comes to real property transactions, the word “Vacant Possession” is frequently used in contracts and agreements. While it may appear simple, its significance cannot be emphasized. Vacant possession is an important term in real estate transactions, and both buyers and sellers must fully comprehend it. In this entry, we’ll take a closer look at what vacant possession is and why it is important.

What does Vacant Possession mean? According to Lexisnexis.co.uk, Vacant Possession can be defined as:

“Property sold with vacant possession must be empty of existing tenants or other occupiers (whether or not occupation is authorized), and all goods and rubbish (subject to the de minimis rule) that substantially prevent or interfere with the enjoyment of a substantial part of the property on or before completion.”

Vacant possession, in the context of property transactions, means that the property must be physically empty and available for the new owner to take immediate possession upon the completion of the sale. In simpler terms, when you purchase a house or a property with vacant possession, you should expect the property to be completely devoid of any occupants or belongings, ensuring a clean slate for your occupancy.

While vacant possession is the norm, there can be exceptions, particularly in cases of tenanted properties or commercial real estate. These exceptions should be clearly defined in the sales contract, ensuring that both parties are aware of the property’s status at the time of purchase.

Understanding the importance of vacant possession is crucial for anyone involved in property transactions, whether as a buyer or seller. It ensures a smooth and legally compliant transfer of ownership while providing peace of mind and a clean slate for the new property owner. When buying or selling a property, always clarify the terms of vacant possession in the contract to avoid potential disputes or misunderstandings down the road. The knowledge of vacant possession is important because it ensures that property transactions proceed smoothly, legally, and to the satisfaction of both buyers and sellers. It helps clarify rights, responsibilities, and expectations, reducing the potential for disputes and complications in real estate transactions.

LBS Perks & Plusses Loyalty Program Unlock Event

Mannju on September 5, 2023

Tan Sri Ir Lim Hock San and Datuk Wira Joey Lim Hock Guan alongside 26 collaborative partners during the official unlocking of LBS Perks and Plusses.

Revamped inside out, our Customer Loyalty Programme was reintroduced last Saturday at our award-winning KITA @ Cybersouth sales gallery. The promising crowd is definitely a reflection of our commitment to enhancing your homebuying journey!

2024 Malaysia’s Most Preferred Graduates’ Choice of Employers to Work For (Graduates’ Choice Award)

Mannju on September 5, 2023

We are pleased to announce that LBS Bina Group Berhad has officially clinched a spot in the prestigious “2024 Graduates’ Choice of Employers to Work for” lineup, curated by none other than Talentbank for the 2nd consecutive year! Involving an astounding 400,000 votes from bright minds in universities across Malaysia, this encore performance marks our second consecutive win. So, if you’re on the hunt for an electrifying career in the property developer sector, come ride the wave of opportunities with us.

The Edge Malaysia Centurion Club Awards 2023

Mannju on September 4, 2023

We are thrilled to have clinched the Highest Growth in Profit After Tax over three years in the Property Sector at The Edge Malaysia Centurion Club Awards 2023. Heartfelt thank you for helping us achieve our incredible success! 

Merdeka 2023 Best Slogan Giveaway

Mannju on September 1, 2023

Merdeka 2023 Best Slogan Giveaway (“Contest”)

The Contest is organised by LBS Bina Group Berhad (hereinafter known as “the Organiser”). By participating in the Contest, you agree to be bound by the following terms and conditions as stipulated herein (consisting of the General Terms and Conditions and the Specific Terms and Conditions) between you and the Organiser (“Contest Terms”). By participating in this Contest, you are deemed to have read and agree to the Contest Terms herein mentioned. You agree that the Organiser may include additional terms to and/or vary the Contest Terms at our sole discretion at any point of time and any additional and/or variation of the terms shall be incorporated by reference immediately at the point of time in which it is implemented. You are advised to visit this page from time to time to be updated of the latest Contest Terms.

In the event of any inconsistency between any terms and conditions stipulated in any of the Organiser’s marketing brochures, leaflets, buntings, or otherwise any other platforms and the Contest Terms stipulated herein, the latest Contest Terms shall prevail.

A. GENERAL TERMS & CONDITIONS

1. CAPACITY AND REPRESENTATION

1.1 To be eligible to participate in the Contest, you must be a Malaysian having a Malaysia NRIC, aged eighteen (18) and above in Malaysia or have attained an age of majority in the jurisdiction in which you are domiciled to enter legally binding contracts.

1.2 You acknowledge and agree that all information provided by you which will be relied upon by the Organiser is true, accurate, and not misleading. The Organiser reserves the right to request for more information from you in the event the information provided by you is deemed insufficient failure by which may result in your disqualification from the Contest.

1.3 You shall be responsible to update us immediately in the event that you discover that any information made by you is erroneous, outdated, or insufficient. Kindly note that failure by you to provide the necessary information to us may result in your disqualification from the Contest.

1.4 You further acknowledge that we will rely on any information provided by you and that any false, inaccurate, and/or misleading information may cause losses and damage to us. You agree to hold harmless and indemnify us, our directors, our employees, our agents, our affiliates, and any other third parties facilitating the Contest from the losses and damage suffered as a result of the false, inaccurate and/or misleading information provided by you.

1.5 You shall not use the Contest as a means or manner to facilitate or promote any illegal, immoral, violence, hate speech, racially disparaging, defamatory and/or fraudulent content (hereinafter be referred to as “Refrained Content”) wherein any evidence of such Refrained Content occurring outof this Contest, the Organiser shall not be made responsible whatsoever and you will be subjected to a disqualification by the Organiser.

1.6 By participating or entering this Contest, you are not violating any constitutive documents, applicable law, policies, regulation, rules, other terms, and conditions, and/or contracts that you have entered, agreed, or bound into with any third parties in any jurisdiction.

1.7 You will comply with all applicable laws, by-laws, rules, regulations, policies, instructions, directions, orders and/or directives from the Organiser, any governmental organization, and/or relevant authorities.

 

2. PRIVACY

2.1 All information provided by you shall be collected, stored, used, and retained by us in accordance with our Personal Data Protection Act Notice. You are to read, acknowledge and accept our Personal Data Protection Act Notice which is incorporated by reference herein and can be found at https://lbs.com.my

3. TAX AND DISBURSEMENTS FEES

3.1 You shall bear all expenses including but not limited to transportation, personal expenses, insurance, stamp duties, transfer fees, taxes, any other duties and/or any other costs, fees and/or related expenses incurred pertaining to the Prize (hereinafter defined).

3.2 You shall be solely responsible to declare your Prize winnings with the relevant tax authorities and pay for any levy, duty, charges, and tax that is imposed (if any). The Organiser shall not in any way be held liable to pay any charges, tax, levy, fines and/or duty that are imposed on the Winners by the relevant tax authorities for the Prize winnings.

 

4. PRIZES

4.1 The Organiser shall not assume any liability and responsibility whatsoever in the event of any mishaps, injuries, damages, death, claims and/or accidents suffered by your participation in the Contest and/or from the use of the Prizes.

4.2 You shall hold harmless the Organiser against any liability and claims and agree to indemnify the Organiser completely against any claims, damages, losses, and liability arising from and/or in relation to your use of the Prizes.

4.3 You agree and acknowledge that the Organiser provides no representation or warranty of any kind whatsoever in respect of any defect or other faults in relation to the Prize, and that the Prize displayed in any marketing or promotional materials are for illustration purposes only which may not depict the actual color, material, model, and/or specification of the actual Prize.

4.4 The Organiser shall not be liable to compensate and/or rectify any defect or other faults in the Prizes. You shall contact and refer to the supplier, manufacturer, distributor and/or reseller of the Prizes in the event that you have any queries, concerns, and issues regarding the Prizes.

4.5 The Organiser shall not be liable to compensate and/or rectify any defect or other faults in the Prizes. You shall contact and refer to the supplier, manufacturer, distributor and/or reseller of the Prizes in the event that you have any queries, concerns, and issues regarding the Prizes.

4.6 You agree that the Prize is non-transferable, non-refundable, non-exchangeable for cash without the Organizer’s express written consent. The Organizer reserves the right to substitute any Prize with that of a similar value without prior notice to you.

 

5. INDEMNITY

5.1 You agree to indemnify and keep indemnified the Organiser, its directors, employees, agents, affiliates, and any other third parties facilitating the Contest against all liabilities, losses, damages, and expenses which the Organiser may incur or suffer as a result of or in connection with and any breach and violation of Contest Terms herein or any representation or warranty given by you.

 

6. PROMOTIONAL MATERIALS

6.1 You agree that the Organiser shall have the right to interview you, take photographs, and videos as well as use your personal details which shall include your name(s) for our marketing campaign materials for the purposes of advertising, trade and/or publicity in accordance to the Privacy clause above. You acknowledge that any interview results, photographs and videos shall be solely owned by us.

 

7. MISCELLANEOUS

7.1 The Organiser reserves the right at its sole discretion to suspend, modify, extend, delay, or terminate the Contest at any time without prior notice to you.

7.2 Any decisions taken by the Organiser are final and binding on you and the Organiser shall not be obliged to entertain any queries, claims, requests, or correspondences after the decision of the Organizer has been made.

7.3 The Organiser shall have the absolute right to disqualify any individual that it determines to be tampering with and/or disrupting the operations of the Contest, and/or to be acting in breach or potential breach of these Contest Terms.

7.4 Any provisions applicable to this Contest which is prohibited or unenforceable under any law or regulation shall be ineffective to the extent of such illegality, voidness, prohibition, or unenforceability without invalidating the remaining provisions.

 

8. DISCLOSURE

8.1 This Contest is in no way sponsored, endorsed or administered by, or associated with Meta Platforms, Inc (formerly known as Facebook, Inc). The Organiser expressly excludes any losses, claims, and/or actions arising from any glitch, malfunction, shut down, and/or otherwise use arising specifically from Facebook, Instagram or any platform (whether or not derivative) from Meta Platforms Inc.

 

B. SPECIFIC TERMS AND CONDITIONS

The Contest Period

The period shall commence from 28th August 2023 and shall end on 15th September 2023 at 11.59 pm (“Contest Period”). The Organiser reserves the absolute right to extend or vary the Contest Period at its sole discretion. All entries received before and after the Contest Period shall be invalid and will not be entertained by the Organiser.

 

Method of Participation

This Contest will be divided into 3 parts as follows: –

a) 1 st Part: from 28th August 2023 to 1 st September 2023 expiring at 11.59pm;

b) 2 nd Part: from 4 th September 2023 to 8 th September 2023 expiring at 11.59pm; and

c) 3 rd Part: from 11th September 2023 to 15 th September 2023 expiring at 11.59pm

with each part being held over the course of 5 days with 3 different Contest posting (“Contest Posting”) being posted by the Organiser for each part. The participants will have to create a unique slogan that captures the essence of community unity and the spirit of Merdeka specifically based on the theme of each of the Contest Posting in the comment section to stand a chance to win prizes.

 

To participate in the Contest and be eligible to win the Prizes: –

i. Participants must “LIKE” and “FOLLOW” the Organiser’s Facebook (@LBSBinaGroup) and Instagram (@lbsbinagroup) social media platforms respectively and remain liked and followed throughout the Contest Period;

ii. Participants must comment their slogans, not more than 20 words on the Contest Posting. Each participant is allowed one entry for each part.

iii. Participants must “like” the Contest Posting and make sure that their Instagram and Facebook profile is set to ‘Public’ to ensure the comment can be viewed by the Organiser.

 

Contest Visual / Posting

 

Contest Prizes

The Organizer shall announce the winners of each part of the Contest at the end of each part as follows: –

• 1 st Part: by Saturday, 2nd September 2023;

• 2 nd Part: by Saturday, 9th September 2023; and

• 3 rd Part: by Saturday, 16th September 2023.

All three (3) dates abovementioned shall be defined as “Winner Announcement Date”.

 

Selection of Winners

Winners will be randomly selected from the comment section after the end of each part of the Contest on the Winner Announcement Date. The winners will be selected randomly via a computer process that produces a verifiably random result from those valid entries received during the Contest Period.

 

Prize Redemption Details

  • The winners shall within seven (7) days upon being selected, be required to send their personal details including but not limited to their full name, email address and contact number through Facebook or Instagram ‘Direct Message’ (DM) function for the Organizer to correspond with the winner accordingly for prize claiming process.
  • The Organiser shall deliver the Touch ‘n Go eWallet Reload Pin to all the winners through an email.
  • The Organiser will not be held responsible and reserves the right to forfeit and/or assign the prizes to another participant should the initial winner(s) fail and/or neglects to provide the required details within stipulated time frame and/or to comply with the instructions of the Organizer.

 

DISQUALIFICATION

The Organizer reserves the right to disqualify: –

a) Any submissions in the above-mentioned terms and conditions in the event that; the submission of any photo(s), screenshot(s) and/or image(s) relevant are manipulated, blur, unclear, and/or containing inappropriate content, including but not limited to vulgarity, obscenity, lewd, pornographic or violent material, or materials which promote violence or which disparages the Organizer or any other person or entity, or contain trademarked or copyrighted material.

b) Any entry which the Organiser considers to have been made in breach of this Contest terms and conditions.

c) Any submissions from any Instagram or Facebook accounts intended and/or discovered to be proxy accounts from another Instagram or Facebook account and/or otherwise discovered that it originates from a single participant

A Guide to Landed vs High-Rise Properties

Mannju on August 1, 2023

Finding the right residential property can be a daunting task – there are so many factors to consider. As to whether a landed or non-landed property is better, this is often a matter of personal preference. We have compiled a list of advantages of both property types to help you make a decision.

Hand holding magnifying glass and looking at house model, house selection, real estate concept.

The Advantages of Landed Living：

  • Bigger Living Space

In general, a landed property is more spacious, usually have a reasonable amount of yards around them. Making landed properties the better choice. Especially for people with a bigger family.

It provides the much-needed space and ground to grow a garden! Something that individuals with green thumbs would definitely appreciate.

  • Enjoy total freedom

Living in high-rise homes usually comes with a set of limitations such as strict rules against the keeping of pets, no shoes and plant outside, not allowed to display and placement of any item in common area, or else will be fined? Not to worry. Your house, your rules. You don’t need to deal with regulations and house rules, if you’re staying in landed property.

  • No limitation on exterior design

You can’t change the exterior facade or extend your space as per your wish in a high-rise building. Even with permitted renovation work, you will be subjected to the rules and regulation of the management. Exterior (such as wall & gate color) required to be consistent among all units. However, you have complete control in creating or renovate your landed dream home, be it interior or external design. 

For those that have a growing family and are looking for a long-term home, then landed property is the best way to go.

  • Privacy 

Unlike high rise living where you have more neighbours due to higher density. Landed living allowed you to keep comfortable distance with your neighbour. 

  • Convenience

High-rise properties have numerous floors, and because of this, elevators are installed for easier flow of movement. This usually leads to residents waiting for extended periods of time while the elevator goes down to their floor. In addition, it also takes some time to go to the parking area due to the distance. This takes more time and effort when transporting groceries or supplies home.

In contrast, if you’re staying landed house, you can park your car right Infront your doorstep, easy access to the car porch. And, you don’t need to take the elevator to pick up heavy groceries and parcel, especially when you’re in a hurry.

  • Zero maintenance fee 

With the added amenities in high-rise buildings, you will have to pay the maintenance fees regularly irrespective of what services you use.

In contrast, no maintenance fees, no sinking fund if you’re living in landed house. In other words, more disposable income which you can spend or invest in.

The Advantages of High Rise Living：

  • Facilities & Amenities

Planning for healthy activities, but don’t want to take risk which may stuck in traffic jam? Looking for car park at gym room or shopping mall could be frustrated too.

Condos and apartments usually feature a wide range of facilities. Hence, condo living could be hassle free, which you could enjoy facilities and amenities including gym room, swimming pool, futsal court, badminton court, movie rooms, playground, multifunction room and etc. just within the vicinity. In an affluent neighbourhood or city centre, it is also more affordable than living in a landed property.

Cheaper to buy-in. If you are a first-time homebuyer who’s looking for something more affordable and probably wants to enjoy all of the facilities, then high-raised condos are the ones to pick.

  • Socializing 

As you will be sharing all the amenities with your neighbours, it is a great way to meet people who are interested in the same things you are. Highrise development with ‘lifestyle convenience’ in mind to cater to community living.

  • Security

When it comes to ensuring peace of mind for you and your loved ones, high-rise developments are generally safer as they are equipped with multi-tiered security system that includes CCTV, secured access card, secured parking lots, perimeter patrol, and a guard entrance.

  • Great views

You also have a bird’s eye view of the city, skyline, greeneries, sunrise and sunset. The higher you go, the better the views. This is something that ground-dwellers will never experience.

  • Worry no more on maintenance

Do not having to monitor and carry out maintenance activities. The management office or Joint Management Body (JMB) will settle things out for you.

With great space comes great responsibility – you will be footing the bill for repairs, maintenance, and other upkeep. Moreover, if you have a large garden, consider lawn care and mowing fees too.

OPR Rates In Malaysia

Mannju on August 1, 2023

OPR (Overnight Policy Rate) is the interest rate at which a central bank lends money to commercial banks in the overnight market. In Malaysia, the OPR is determined by the Monetary Policy Committee (MPC) of Bank Negara Malaysia, the country’s central bank. The OPR serves as a benchmark for other interest rates in the Malaysian financial system.

To understand the OPR rates in Malaysia, you can follow these steps:

Stay updated with financial news: Stay informed about the latest developments and news related to the Malaysian economy, monetary policy, and central bank announcements. Regularly read reputable financial news sources, such as local newspapers, online news portals, or financial publications, to get insights into the current state of the OPR.

Visit the central bank’s website: Bank Negara Malaysia provides information on its official website about the OPR, monetary policy decisions, and related announcements. Visit their website and look for dedicated sections on monetary policy or OPR rates. This information is usually found in the “Publications” or “Monetary Policy” sections of the website.

Read monetary policy statements: Bank Negara Malaysia issues periodic monetary policy statements that provide details about the central bank’s decision on the OPR and the rationale behind it. These statements explain the economic conditions, inflation outlook, and other factors considered by the MPC in setting the OPR. By reading these statements, you can gain insights into the central bank’s thinking and factors influencing the OPR rates.

Analyze economic indicators: OPR rates are influenced by various economic indicators, such as inflation, GDP growth, employment data, and others. Monitoring these indicators can help you understand the direction in which the OPR may move. Look for reports on inflation, GDP growth, consumer price index, and other relevant economic data published by reputable sources like government statistical agencies or financial research institutions.

Seek expert opinions: Financial analysts, economists, and researchers often provide insights and analysis on the OPR rates in Malaysia. Follow renowned experts in the field who specialize in Malaysian economics or monetary policy. Their opinions and forecasts can provide valuable perspectives on the OPR and its potential impact on the economy.

Remember that OPR rates are subject to change based on economic conditions and central bank policy decisions. It is essential to regularly monitor the information sources mentioned above to stay updated on the latest OPR rates in Malaysia.

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