Collection of Vacant Possession ('VP')
It is important for homebuyers to familiarize themselves with the terms and conditions stated in the Sale and Purchase Agreement ('SPA'), including provisions related to vacant possession, liquidated ascertained damages ('LAD'), defects, and dispute resolution.
Messrs Lui & Bhullar's Pro-Bono initiative to accompany Homebuyers during the Collection of Vacant Possession
In Malaysia, the term "vacant possession" refers to the process of handing over a property to the Homebuyer in a condition where it is ready for occupancy. It is an important stage in property transactions, especially in the context of housing development projects.