The Option To Buy Real Estate Form is a crucial document in Malaysian property transactions, used when a potential buyer needs time to finalize their decision or arrange financing while securing their interest in the property. This document, governed by Malaysian law including the Contracts Act 1950 and National Land Code 1965, creates a legally binding option period during which the property owner cannot sell to another party. The form includes essential details such as property description, option fee amount, purchase price, option period duration, and exercise procedures. It's particularly valuable in competitive property markets or when buyers need to conduct due diligence, arrange financing, or obtain necessary approvals before committing to the purchase. The document serves as a bridge between initial interest and the final sale and purchase agreement, providing security for both parties while maintaining flexibility in the transaction process.
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1. Parties: Identification of the Option Grantor (property owner) and Option Holder (potential buyer), including full names, identification numbers, and addresses
2. Background: Brief context of the agreement, including the property owner's intention to grant an option and the potential buyer's interest in purchasing
3. Definitions: Key terms used throughout the agreement, including 'Option Period', 'Option Fee', 'Purchase Price', 'Property', and 'Exercise Notice'
4. Property Details: Complete legal description of the property, including title details, lot number, and registered address
5. Option Grant: Explicit statement granting the option to purchase, including the option fee amount and payment terms
6. Option Period: Specific duration of the option, including start and end dates, and any conditions for extension
7. Purchase Price: Agreed purchase price for the property if the option is exercised, including any deposit requirements
8. Exercise of Option: Procedure for exercising the option, including notice requirements and timeframes
9. Payment Terms: Detailed payment schedule, including option fee, deposit, and balance payment arrangements
10. Completion: Timeline and requirements for completing the sale after option exercise
11. Representations and Warranties: Statements about the property's condition, ownership, and encumbrances
12. Termination: Circumstances under which the option agreement can be terminated
13. Governing Law: Specification of Malaysian law as governing law and jurisdiction
14. Execution: Signature blocks and witnessing requirements
1. Property Inspection: Terms regarding property inspection rights during the option period - include when inspection rights are negotiated
2. Financing Conditions: Conditions related to buyer's financing arrangements - include when buyer requires financing
3. Assignment Rights: Terms governing the option holder's right to assign the option - include when assignment rights are negotiated
4. Real Estate Agent: Details of any real estate agents involved and commission arrangements - include when agents are involved
5. Existing Tenancies: Information about current tenants and lease agreements - include when property is tenanted
6. Planning Permissions: Conditions related to obtaining necessary planning permissions - include for undeveloped land or development projects
7. Strata Title: Specific provisions for strata properties - include for apartments or condominiums
8. GST/Tax Provisions: Special tax considerations - include when applicable to the transaction
1. Schedule 1 - Property Details: Detailed property description, including boundaries, fixtures, and fittings
2. Schedule 2 - Option Fee Receipt: Acknowledgment of option fee payment
3. Schedule 3 - Form of Exercise Notice: Template notice for exercising the option
4. Schedule 4 - Title Documents: Copies of relevant title documents and encumbrances
5. Schedule 5 - Property Condition Report: Current condition of the property and any defects
6. Appendix A - Property Plans: Floor plans, site plans, or other relevant property drawings
7. Appendix B - Photographs: Current photographs of the property
8. Appendix C - Land Office Search Results: Recent land office search results showing title details and encumbrances
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