The Agreement To Sell Property is a fundamental legal document used in Malaysian property transactions to formalize the sale and purchase of real estate. This document is essential when any party wishes to transfer property ownership in Malaysia, whether for residential, commercial, or industrial purposes. It must comply with various Malaysian legislation, including the National Land Code 1965, Contracts Act 1950, and Stamp Act 1949. The agreement typically follows after the signing of an offer letter or letter of intent, and precedes the actual transfer of title. It contains detailed provisions about the property, parties' obligations, payment terms, and completion requirements, while incorporating specific Malaysian legal requirements such as consent requirements, real property gains tax considerations, and land office procedures. This document is particularly crucial as it serves as the primary reference point for the entire transaction and subsequent title transfer.
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1. Parties: Identifies and provides full details of the Vendor and Purchaser, including names, identification numbers, and addresses
2. Background: Recitals establishing the Vendor's ownership of the property and the parties' intention to enter into the sale and purchase transaction
3. Definitions: Defines key terms used throughout the agreement, including Property, Purchase Price, Completion Date, and other relevant terms
4. Sale and Purchase: Core provision stating the Vendor's agreement to sell and the Purchaser's agreement to buy the Property at the specified Purchase Price
5. Property Description: Detailed description of the property including title details, lot number, address, and land area
6. Purchase Price: States the purchase price, payment terms, deposit requirements, and balance payment schedule
7. Conditions Precedent: Lists any conditions that must be fulfilled before the agreement becomes fully effective
8. Vendor's Warranties: Warranties regarding property ownership, encumbrances, and condition of the property
9. Completion: Details of the completion process, including timing, documentation requirements, and handover procedures
10. Title and Transfer: Provisions relating to the transfer of title and registration requirements under the National Land Code
11. Default: Consequences and remedies in case of default by either party
12. Notices: Procedures for serving notices between parties
13. Governing Law: Confirms Malaysian law as governing law and jurisdiction
14. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability
1. Vacant Possession: Required if the property is being sold with vacant possession, specifying the conditions and timing of vacancy
2. Tenancies: Required if the property is subject to existing tenancies, detailing the treatment of tenant deposits and ongoing leases
3. Strata Title: Required for apartments or condominiums, including provisions relating to management corporation and service charges
4. Property Condition: Detailed provisions about the condition in which the property will be delivered, particularly relevant for newly constructed properties
5. Real Property Gains Tax: Specific provisions regarding the handling of RPGT, particularly relevant for non-citizen sellers or buyers
6. Developer's Consent: Required if the property is still subject to developer's restrictions or requires developer's approval for transfer
7. Bank Consent: Required if the property is currently charged to a bank and requires discharge of charge
8. GST/Tax Provisions: Specific provisions regarding tax implications, if applicable to the transaction
1. Property Schedule: Detailed technical description of the property including title particulars, land area, and boundary marks
2. Payment Schedule: Detailed breakdown of payment terms, amounts, and timing
3. Inventory List: List of fixtures, fittings, and other items included in the sale (if applicable)
4. Title Conditions: Copy of title conditions and restrictions affecting the property
5. Form 14A: Statutory transfer form under the National Land Code (attached as reference)
6. Property Documents: List of all property-related documents to be delivered on completion
7. Outstanding Charges: Schedule of any outstanding charges, assessments, or utilities to be settled
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Banking and Finance
Legal Services
Construction
Real Estate Investment
Property Management
Urban Development
Residential Property
Commercial Property
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Investment
Operations
Risk Management
Business Development
Asset Management
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Property Developer
Legal Counsel
Conveyancing Executive
Property Investment Manager
Real Estate Investment Analyst
Compliance Officer
Real Estate Transaction Manager
Property Valuation Specialist
Land Administrator
Real Estate Finance Manager
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