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This document provides guidelines for developers regarding the filing of a schedule of strata units and share values assigned in accordance with the Building Maintenance and Strata Management Act.
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How to fill out guidelines for filing schedule
How to fill out GUIDELINES FOR FILING SCHEDULE OF SHARE VALUES UNDER THE BUILDING MAINTENANCE AND STRATA MANAGEMENT ACT
01
Review the Building Maintenance and Strata Management Act to understand the requirements.
02
Gather all relevant financial data regarding the value of shares.
03
Prepare a detailed breakdown of the share values using the prescribed format.
04
Ensure compliance with any specific guidelines mentioned in the Act.
05
Double-check all calculations to ensure accuracy.
06
Submit the completed schedule to the relevant authority by the specified deadline.
Who needs GUIDELINES FOR FILING SCHEDULE OF SHARE VALUES UNDER THE BUILDING MAINTENANCE AND STRATA MANAGEMENT ACT?
01
Owners of strata properties who need to file share values.
02
Strata management professionals responsible for compliance.
03
Property developers and managers involved in strata schemes.
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How to calculate share value for condo?
Generally, the share values for a unit is determined by the perceived usage of common facilities by the occupants of that unit. Residential units are usually grouped together based on floor area, and the same share value is assigned to all units in the same grouping.
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Failure to comply with an award is a criminal offence under Section 123 of the Strata Management Act 2015. If found guilty and convicted, a person may be liable to a fine not exceeding RM250,000 or to imprisonment for a term not exceeding 3 years or both.
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What is GUIDELINES FOR FILING SCHEDULE OF SHARE VALUES UNDER THE BUILDING MAINTENANCE AND STRATA MANAGEMENT ACT?
The GUIDELINES FOR FILING SCHEDULE OF SHARE VALUES provide a framework for property owners and managing bodies to declare the value of shares held in a strata scheme in compliance with the Building Maintenance and Strata Management Act.
Who is required to file GUIDELINES FOR FILING SCHEDULE OF SHARE VALUES UNDER THE BUILDING MAINTENANCE AND STRATA MANAGEMENT ACT?
All owners of units in a strata scheme and the management bodies are required to file the schedule of share values as stipulated by the Building Maintenance and Strata Management Act.
How to fill out GUIDELINES FOR FILING SCHEDULE OF SHARE VALUES UNDER THE BUILDING MAINTENANCE AND STRATA MANAGEMENT ACT?
To fill out the guidelines, owners must provide relevant property information, such as the share value of their units, any common property interests, and submit the completed schedule to the appropriate authority as per the act’s requirements.
What is the purpose of GUIDELINES FOR FILING SCHEDULE OF SHARE VALUES UNDER THE BUILDING MAINTENANCE AND STRATA MANAGEMENT ACT?
The purpose of the guidelines is to standardize the reporting of share values in strata schemes to ensure transparency, equitable contributions to common expenses, and proper governance within the community.
What information must be reported on GUIDELINES FOR FILING SCHEDULE OF SHARE VALUES UNDER THE BUILDING MAINTENANCE AND STRATA MANAGEMENT ACT?
The report must include details such as the total number of shares, share values for individual units, information about common property shares, and any other relevant data that affects the financial responsibilities within the strata scheme.
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