Property Management: Defect Liability Period (DLP)
Source: https://www.tfgassetmanagement.com/news/real-estate/property-management-defect-liability-period-(dlp).aspx
TFG Asset Management’s Property Management white paper investigates challenges facing proprietors during the handover and Defect Liability Period and suggests solutions to mitigate these issues.
When the project requirements are met, practical completion is achieved, and the Defect Liability Period starts. Its main objectives are to detect defects and ensure that the contractors rectify them.
Once an issue is detected, the Residential & Commercial Asset Manager informs the developer of contractual responsibilities during DLP. The developer together with the consultant informs the contractor.
All maintenance activities, records and defects must be recorded in a defects record report. The Asset Manager, the Owners’ Association and the contractor should meet weekly to ensure all parties are aware of issues affecting the building.
Source: https://www.tfgassetmanagement.com/news/real-estate/property-management-defect-liability-period-(dlp).aspx
TFG Asset Management’s Property Management white paper investigates challenges facing proprietors during the handover and Defect Liability Period and suggests solutions to mitigate these issues.
When the project requirements are met, practical completion is achieved, and the Defect Liability Period starts. Its main objectives are to detect defects and ensure that the contractors rectify them.
Once an issue is detected, the Residential & Commercial Asset Manager informs the developer of contractual responsibilities during DLP. The developer together with the consultant informs the contractor.
All maintenance activities, records and defects must be recorded in a defects record report. The Asset Manager, the Owners’ Association and the contractor should meet weekly to ensure all parties are aware of issues affecting the building.
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