The Real Estate Contract Form is a fundamental document used in Malaysian property transactions, designed to facilitate the legal transfer of real property while ensuring compliance with local regulations. This document is essential when conducting property transactions in Malaysia, whether for residential, commercial, or industrial properties. It incorporates requirements from the National Land Code 1965, Contracts Act 1950, and other relevant Malaysian legislation. The contract includes crucial elements such as property details, payment terms, conditions precedent, and completion requirements, structured to protect both parties' interests while ensuring smooth transaction execution. It is particularly important in Malaysia's dynamic property market, where clear documentation and legal compliance are paramount for successful property transfers.
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1. Parties: Identification and details of the vendor/seller and purchaser/buyer, including full names, identification numbers, and addresses
2. Background: Context of the transaction and brief description of the property being transferred
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including title details, lot number, built-up area, and land area
5. Purchase Price: Agreed purchase price and payment structure, including deposit and completion payment details
6. Payment Terms: Timeline and method of payment, including banking details and conditions for payment
7. Conditions Precedent: Conditions that must be fulfilled before the agreement becomes fully effective
8. Completion: Requirements and procedures for completing the transaction, including documentation and timing
9. Vendor's Obligations: Responsibilities and warranties of the seller regarding the property and transaction
10. Purchaser's Obligations: Responsibilities and obligations of the buyer regarding the purchase
11. Title and Transfer: Provisions regarding the transfer of title and registration processes
12. Default and Termination: Consequences of default and conditions for termination of the agreement
13. Governing Law: Specification of Malaysian law as governing law and jurisdiction
1. Strata Title Provisions: Additional provisions for apartments or condominiums under the Strata Titles Act
2. Tenancy Details: Required if the property is sold with existing tenants
3. Development Orders: Necessary for properties under construction or pending development approvals
4. Environmental Warranties: Required for industrial properties or land with potential environmental concerns
5. GST Provisions: Required for commercial properties subject to Goods and Services Tax
6. Property Management: Required for properties in managed developments or gated communities
7. Renovation Conditions: Used when specific renovation terms are agreed upon as part of the sale
8. Foreign Investment Provisions: Required when the purchaser is a foreign entity or individual
1. Property Schedule: Detailed property specifications, including floor plans and boundary details
2. Payment Schedule: Detailed breakdown of payment terms, installments, and due dates
3. Inventory List: List of fixtures, fittings, and furnishings included in the sale
4. Title Particulars: Certified copy of land title and relevant title details
5. Encumbrances Schedule: List of existing encumbrances, charges, or caveats on the property
6. Completion Documents: List of documents required for completion of the sale
7. Conditions of Title: Special conditions or restrictions attached to the land title
8. Development Plans: Approved plans and permits for properties under construction
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Commercial Property
Residential Property
Industrial Property
Retail Property
Agriculture (for agricultural land)
Hospitality
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Operations
Finance
Risk Management
Sales
Business Development
Administrative Services
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Executive
Property Manager
Legal Counsel
Contract Manager
Property Developer
Real Estate Investment Manager
Compliance Officer
Title Officer
Land Administrator
Property Valuer
Real Estate Transaction Coordinator
Banking Officer
Real Estate Portfolio Manager
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