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Commercial Property Purchase Contract
"I need a Commercial Property Purchase Contract for acquiring a three-story office building in Kuala Lumpur, with completion scheduled for March 2025 and a purchase price of RM 5.5 million."
1. Parties: Identification of the vendor and purchaser, including full legal names, registration numbers for companies, and addresses
2. Background: Context of the transaction, brief description of the property, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property, including lot number, title details, and built-up area
5. Purchase Price: Agreed purchase price and payment structure, including deposit and completion payment terms
6. Conditions Precedent: Conditions that must be fulfilled before the agreement becomes fully effective
7. Vendor's Obligations: Obligations of the seller including providing clean title, necessary documentation, and property handover requirements
8. Purchaser's Obligations: Obligations of the buyer including payment terms, due diligence responsibilities, and compliance with conditions
9. Completion: Details of the completion process, timing, and requirements for both parties
10. Title and Transfer: Provisions regarding transfer of title, ownership rights, and registration requirements
11. Representations and Warranties: Warranties given by both parties regarding their capacity and the property's condition
12. Default and Termination: Consequences of default and circumstances under which the agreement can be terminated
13. Notices: Process and requirements for serving notices under the agreement
14. Governing Law and Jurisdiction: Confirmation of Malaysian law as governing law and jurisdiction for disputes
1. Existing Tenancies: Required when the property has existing tenants, detailing arrangements for ongoing leases
2. Property Management: Needed for properties in managed buildings or complexes, covering management fees and obligations
3. Renovation and Alterations: Include when specific renovation works are agreed to be completed before or after completion
4. Environmental Matters: Required for properties with potential environmental concerns or compliance requirements
5. Tax Matters: Include detailed tax provisions when complex tax implications exist
6. Property Insurance: Special insurance requirements beyond standard coverage
7. Due Diligence Period: When a specific due diligence period is required before proceeding to completion
8. Intellectual Property: Required when the purchase includes business names, trademarks, or other IP associated with the property
1. Property Schedule: Detailed property description, including floor plans, boundaries, and included fixtures and fittings
2. Title Documents: Copies of land title, strata title, or other relevant title documents
3. Payment Schedule: Detailed breakdown of payment terms, installments, and due dates
4. Existing Tenancies Schedule: Details of current tenancy agreements, rental terms, and tenant information
5. Property Condition Report: Detailed report on the current condition of the property and any defects
6. Outstanding Charges: List of any outstanding charges, mortgages, or encumbrances affecting the property
7. Completion Requirements: Checklist of documents and requirements needed for completion
8. Property Management Agreement: Details of ongoing property management arrangements if applicable
Authors
Real Estate
Commercial Property Development
Banking and Finance
Legal Services
Property Investment
Retail
Hospitality
Manufacturing
Logistics and Warehousing
Healthcare
Education
Professional Services
Legal
Real Estate
Finance
Compliance
Operations
Risk Management
Business Development
Property Management
Asset Management
Corporate Development
Real Estate Director
Property Manager
Legal Counsel
Commercial Director
Chief Financial Officer
Investment Manager
Facilities Manager
Corporate Lawyer
Real Estate Agent
Property Developer
Asset Manager
Business Development Manager
Risk Manager
Compliance Officer
Operations Director
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