The Purchase Agreement For Commercial Property is a crucial document used in Malaysian commercial real estate transactions when transferring ownership of commercial properties from a vendor to a purchaser. This agreement is essential for ensuring legal compliance with Malaysian property laws and regulations, including the National Land Code 1965, Contracts Act 1950, and relevant state legislation. It contains detailed provisions covering purchase price, payment terms, property specifications, warranties, conditions precedent, and completion requirements. The document is particularly important for protecting both parties' interests, ensuring clear title transfer, and addressing any existing encumbrances, tenancies, or specific property-related issues. It serves as the primary legal framework for the entire transaction and should be carefully reviewed by legal professionals to ensure all necessary elements are properly addressed.
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1. Parties: Identification of the Vendor and Purchaser with full legal names and registration details
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the property at the specified price
5. Purchase Price: Details of the purchase price and payment terms including deposit and balance
6. Conditions Precedent: Conditions that must be fulfilled before completion can occur
7. Title and Ownership: Confirmations regarding the title, ownership, and encumbrances
8. Vendor's Warranties: Warranties given by the vendor regarding the property and their capacity to sell
9. Purchaser's Warranties: Warranties given by the purchaser regarding their capacity to purchase
10. Completion: Procedures and requirements for completion of the sale
11. Default: Consequences and remedies in case of default by either party
12. Notices: Process for serving notices between parties
13. Governing Law: Confirmation of Malaysian law as governing law and jurisdiction
14. General Provisions: Standard boilerplate clauses including entire agreement, variation, and severability
1. Tenancies: Required if the property is subject to existing tenancies that will continue post-completion
2. Environmental Matters: Required if there are specific environmental concerns or compliance requirements
3. Planning and Development: Required if the property is subject to development orders or planning permissions
4. Service Contracts: Required if there are ongoing service contracts that will be transferred
5. Employee Matters: Required if the sale includes transfer of employees or related obligations
6. Tax Matters: Required if there are specific tax arrangements or implications to be addressed
7. Intellectual Property: Required if the sale includes any intellectual property rights
8. Break Clause: Optional provision allowing early termination under specific circumstances
1. Property Description: Detailed description of the property including boundaries and title particulars
2. Purchase Price Breakdown: Detailed breakdown of the purchase price and payment schedule
3. Form of Transfer: Prescribed form for transfer of title under Malaysian law
4. Existing Encumbrances: List of all existing encumbrances, charges, or restrictions on the property
5. Inventory: List of fixtures, fittings, and other items included in the sale
6. Due Diligence Results: Summary of key findings from due diligence investigations
7. Completion Requirements: Detailed list of documents and requirements for completion
8. Property Plans: Official plans and drawings of the property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Retail
Office Space
Industrial
Hospitality
Healthcare
Education
Manufacturing
Logistics
Warehousing
Banking and Finance
Relevant Teams
Legal
Real Estate
Finance
Compliance
Risk Management
Operations
Facilities Management
Business Development
Property Management
Asset Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Real Estate Director
Property Manager
Legal Counsel
Corporate Lawyer
Real Estate Agent
Property Valuer
Commercial Director
Facilities Manager
Investment Manager
Asset Manager
Development Manager
Acquisition Manager
Risk Manager
Compliance Officer
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