When purchasing a property, your next major worry will be wondering when you will get the vacant possession. ‘Vacant possession’ is a legal term that means that the property is in a competent state to be occupied. This means that this is when the access keys and cards of your newly purchased property are finally delivered to you.
For landed residential development by developers, vacant possession has to be delivered within 24 months. As for high-rise stratified buildings, it takes up to 36 months in Peninsular but still remain 24 months in Sabah as per the Rules.
On the other hand, the delivery of a vacant possession for sub-sale will usually take 3 – 5 working days after the purchaser has settled the full purchase price. The SPA is subjected to the tenancy when the purchaser is purchasing a tenanted unit. The purchaser will be getting the legal possession as the owner of the property but not the keys to the unit. Effectively, the rental and deposits shall be delivered to the purchaser by way of assignment of tenancy.