This Equity Release Agreement is designed for use in Malaysia when property owners wish to access the equity in their property without selling or moving out. The document is particularly relevant for older homeowners seeking to supplement their retirement income or meet specific financial needs. It includes detailed provisions covering the financial arrangement, property rights, consumer protections, and compliance with Malaysian financial services regulations and property laws. The agreement comprehensively addresses key aspects such as property valuation, interest calculations, maintenance requirements, and termination conditions, while ensuring compliance with the Financial Services Act 2013 and related Malaysian legislation. Special attention is given to consumer protection measures and risk disclosures, reflecting the complex nature of equity release products and their long-term implications.
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Key Requirements PROMPT example:
Equity Release Agreement
"I need an Equity Release Agreement for a residential property in Kuala Lumpur, releasing 60% of the property value with a fixed interest rate of 4.5% per annum, to be completed by March 2025."
1. Parties: Identification of the equity release provider and the property owner(s)
2. Background: Context of the agreement, including brief description of the equity release scheme and its purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. The Property: Detailed description of the property subject to the equity release arrangement
5. Amount of Equity Release: Specification of the amount being released and payment terms
6. Term and Duration: Period of the agreement and conditions for termination
7. Interest and Charges: Details of interest rates, fees, and other charges applicable
8. Security and Property Rights: Terms regarding the security over the property and retained rights of the owner
9. Owner's Obligations: Responsibilities of the property owner including maintenance and insurance requirements
10. Provider's Obligations: Responsibilities and commitments of the equity release provider
11. Risk Disclosure: Detailed disclosure of risks associated with the equity release arrangement
12. Early Repayment: Terms and conditions for early repayment of the equity release
13. Events of Default: Circumstances constituting default and consequences
14. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction details
1. Joint Owners Provisions: Additional terms for cases where the property has multiple owners
2. Occupier's Rights: Terms regarding rights of other occupants of the property, used when there are other residents besides the owner
3. Power of Attorney: Provisions for cases where a power of attorney is involved in managing the agreement
4. Inheritance Protection: Optional provisions for protecting potential inheritance, if requested by the owner
5. Moving Home Provisions: Terms for transferring the agreement to a new property, if this feature is offered
6. Care Home Provisions: Special terms for cases where the owner may need to move to a care facility
7. Additional Borrowing: Terms for potential future borrowing against the property, if this feature is offered
1. Schedule 1 - Property Details: Detailed description of the property including title particulars and encumbrances
2. Schedule 2 - Financial Terms: Detailed breakdown of financial terms including interest calculations and payment schedules
3. Schedule 3 - Property Maintenance Requirements: Specific requirements for maintaining the property during the agreement term
4. Schedule 4 - Insurance Requirements: Details of required insurance coverage for the property
5. Schedule 5 - Early Repayment Calculations: Formula and examples for calculating early repayment charges
6. Appendix A - Risk Disclosure Statement: Detailed statement of risks in prescribed format
7. Appendix B - Independent Legal Advice Certificate: Certificate confirming the owner has received independent legal advice
8. Appendix C - Property Valuation Report: Summary of the professional valuation of the property
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Legal Services
Insurance
Senior Care Services
Wealth Management
Property Management
Relevant Teams
Legal
Compliance
Risk Management
Property Services
Product Development
Customer Relations
Credit Assessment
Documentation
Wealth Management
Operations
Relevant Roles
Legal Counsel
Financial Services Manager
Compliance Officer
Risk Manager
Property Valuation Specialist
Senior Relationship Manager
Product Development Manager
Consumer Protection Officer
Mortgage Specialist
Financial Advisor
Contract Administrator
Legal Documentation Specialist
Senior Credit Officer
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