Property Management: Defect Liability Period (DLP) <br />Source: https://www.tfgassetmanagement.com/news/real-estate/property-management-defect-liability-period-(dlp).aspx <br /> <br />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. <br /> <br />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. <br /> <br />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. <br /> <br />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.
