The Property Sale Contract is a fundamental legal instrument used in Malaysian property transactions to formalize the transfer of property ownership. It is essential for both residential and commercial property transactions in Malaysia, requiring compliance with the National Land Code 1965, Contracts Act 1950, and other relevant legislation. This document is used when transferring any type of property, from residential homes to commercial buildings, and must include specific provisions required by Malaysian law. The contract typically contains detailed information about the property, parties involved, purchase price, payment terms, conditions precedent, warranties, and completion requirements. It serves as the primary agreement governing the relationship between vendor and purchaser, ensuring legal protection for both parties and providing a clear framework for the property transfer process.
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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, brief description of the property, and intention of the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including title details, lot number, and built-up area
5. Purchase Price: Agreed purchase price and payment terms including deposit, progressive payments, and completion sum
6. Conditions Precedent: Conditions that must be fulfilled before completion of the sale
7. Vendor's Obligations: Obligations of the seller including providing good title, vacant possession, and necessary documentation
8. Purchaser's Obligations: Obligations of the buyer including payment terms, due diligence, and compliance requirements
9. Completion: Procedures for completion of the sale, including timing and documentation requirements
10. Title and Transfer: Provisions regarding transfer of title and registration procedures
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 allowing termination
13. Notices: Method and addresses for serving notices between parties
14. Governing Law: Confirmation of Malaysian law as governing law and jurisdiction
15. Execution: Signature blocks and execution formalities
1. Strata Title Provisions: Required for apartments/condominiums - includes provisions relating to share units, management corporation
2. Developer's Consent: Required when property is still under developer's control or subject to developer's interest
3. Bank Consent: Required when property is charged to a bank and requires discharge
4. Tenancy Provisions: Required when property is subject to existing tenancy
5. Property Management: Required for properties in managed developments - includes maintenance fees and sinking fund obligations
6. GST Provisions: Required for commercial properties subject to GST
7. Foreign Investment Provisions: Required when purchaser is a foreign national or entity
8. Power of Attorney: Required when any party acts through an attorney
1. Schedule 1 - Property Details: Detailed property description, including lot number, title details, land area, and building specifications
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms, amounts, and timeline
3. Schedule 3 - Title Particulars: Copy of land title or strata title particulars
4. Schedule 4 - Inventory List: List of fixtures, fittings, and other items included in the sale
5. Appendix A - Property Plans: Floor plans, location plans, and other relevant drawings
6. Appendix B - Completion Documents: List of documents required for completion
7. Appendix C - Form 14A: Prescribed transfer form under National Land Code
8. Appendix D - Vendor's Documentation: Copies of vendor's identification documents and necessary certificates
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