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Offer And Agreement To Purchase
"I need an Offer and Agreement to Purchase for a residential property in Kuala Lumpur, with a purchase price of RM 1.2 million and completion date set for March 15, 2025; the property is currently tenanted and we need to include provisions for the existing lease."
1. Parties: Identification of the vendor and purchaser with full legal names, identification numbers, and addresses
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including title details, lot number, and exact location
5. Purchase Price: Agreed purchase price and payment terms including deposit amount and payment schedule
6. Conditions Precedent: Essential conditions that must be fulfilled before completion
7. Completion: Terms and procedures for completing the sale including timing and delivery of documents
8. Vendor's Warranties: Warranties regarding property title, condition, and encumbrances
9. Purchaser's Warranties: Warranties regarding capacity to purchase and source of funds
10. Default and Termination: Consequences of default by either party and termination provisions
11. Notices: How formal communications between parties should be made
12. Governing Law: Confirmation of Malaysian law as governing law and jurisdiction
1. Strata Title Provisions: Required when the property is under strata title, covering management corporation fees and related obligations
2. Tenancy Provisions: Required when the property is sold with existing tenants, addressing handover of tenancy deposits and agreements
3. Developer's Consent: Required when the property is still under developer's control or has restrictions on sale
4. Bank Consent: Required when the property has an existing charge that needs to be discharged
5. GST Provisions: Required when the transaction is subject to Goods and Services Tax
6. Property Condition: Detailed provisions about the condition in which the property must be delivered, particularly relevant for furnished properties
1. Property Schedule: Detailed property description including boundaries, built-up area, and land area
2. Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Inventory List: List of fixtures, fittings, and furniture included in the sale (if applicable)
4. Title Documents: Copies of relevant title documents and encumbrances
5. Prescribed Forms: Standard forms required under the National Land Code for property transfer
6. Due Diligence Results: Summary of property searches and due diligence findings
Authors
Real Estate
Property Development
Banking and Finance
Legal Services
Construction
Hospitality
Retail
Industrial Manufacturing
Commercial Property
Legal
Real Estate
Property Management
Facilities
Compliance
Finance
Business Development
Operations
Risk Management
Administrative
Real Estate Agent
Property Lawyer
Legal Counsel
Property Manager
Commercial Director
Acquisition Manager
Real Estate Developer
Property Investment Manager
Facilities Manager
Compliance Officer
Contract Administrator
Business Development Manager
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