The Memorandum of Agreement Sale of Property is a crucial legal instrument in Malaysian property transactions, designed to facilitate and document property sales in compliance with Malaysian law. This document is typically used when parties have agreed to the fundamental terms of a property sale and need to formalize their agreement before proceeding to the final Sale and Purchase Agreement. It includes essential details such as property description, purchase price, payment terms, conditions precedent, and completion requirements, while ensuring compliance with the National Land Code 1965 and other relevant Malaysian legislation. The document serves as a preliminary binding agreement, setting out the framework for the transaction and protecting both parties' interests during the property transfer process. It's particularly important in Malaysian property law as it creates legal obligations while allowing for necessary due diligence and statutory requirements to be met before final completion.
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1. Parties: Identification of the Vendor and Purchaser with full legal names, identification numbers, and addresses
2. Background: Context of the sale and brief description of the property transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the property at the agreed price
5. Property Details: Comprehensive description of the property including title details, lot number, and exact location
6. Purchase Price: Agreed purchase price and payment terms including deposit and balance payment schedule
7. Conditions Precedent: Conditions that must be fulfilled before completion of the sale
8. Completion: Terms and procedures for completing the sale including timing and documentation
9. Vendor's Obligations: Obligations of the seller including delivery of vacant possession and documentation
10. Purchaser's Obligations: Obligations of the buyer including payment and compliance with terms
11. Representations and Warranties: Warranties about the property's condition, ownership, and encumbrances
12. Default and Termination: Consequences of default and circumstances for termination
13. Governing Law: Specification of Malaysian law as governing law
14. Dispute Resolution: Procedures for handling disputes between parties
15. Notices: Method and addresses for serving notices between parties
16. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability
1. Foreign Investment Approval: Required when purchaser is a foreign entity or individual, addressing FIC guidelines compliance
2. Bank Financing: Include when purchase involves bank financing, detailing arrangements and conditions
3. Strata Title Provisions: Required for apartments or condominiums under strata title
4. Agent Commission: Include if property agents are involved in the transaction
5. Renovation and Alteration: Include if specific agreements about property modifications are needed
6. Tenancy Details: Required if property is currently tenanted
7. GST/Tax Provisions: Detailed tax arrangements if applicable to the transaction
1. Property Description Schedule: Detailed description of property including boundaries, built-up area, and land area
2. Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Title Particulars: Copy of land title or strata title details
4. Inventory List: List of fixtures, fittings, and other items included in the sale
5. Encumbrances Schedule: List of existing charges, caveats, or other encumbrances
6. Completion Documents: List of documents required for completion
7. Condition Report: Current condition of the property and any defects
8. Required Approvals: List of necessary approvals and permits for the transfer
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