The Sell And Buy Agreement is a fundamental legal document used in Malaysian property transactions to formalize the transfer of property ownership. It is essential for both residential and commercial property transactions in Malaysia, providing a comprehensive framework that protects the interests of both vendors and purchasers. The agreement must comply with Malaysian property law, including the National Land Code 1965, Contracts Act 1950, and where applicable, the Housing Development (Control and Licensing) Act 1966. It typically includes detailed provisions on property description, purchase price, payment terms, conditions precedent, warranties, and completion procedures. This document is particularly crucial as it serves as evidence of the transaction and forms the basis for property transfer registration with the relevant Land Office.
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Key Requirements PROMPT example:
Sell And Buy Agreement
"I need a Sell And Buy Agreement for a commercial property in Kuala Lumpur's Golden Triangle, with completion scheduled for March 2025, including specific provisions for existing tenant agreements and maintenance contracts."
1. Parties: Identification and details of the Vendor and Purchaser
2. Background: Recitals explaining the context of the sale and the Vendor's ownership of the property
3. Definitions: Definitions and interpretation of key terms used throughout the agreement
4. Sale and Purchase: Core agreement for the sale and purchase of the property, including the purchase price
5. Property Details: Detailed description of the property being sold
6. Payment Terms: Payment schedule, deposit requirements, and balance payment arrangements
7. Conditions Precedent: Conditions that must be fulfilled before completion
8. Completion: Completion date, procedures, and obligations of both parties
9. Vendor's Warranties: Warranties and representations by the Vendor regarding the property
10. Purchaser's Warranties: Warranties and representations by the Purchaser regarding capacity to purchase
11. Title and Transfer: Provisions regarding transfer of title and registration
12. Costs and Expenses: Allocation of legal fees, stamp duty, and other costs
13. Notices: Process for serving notices between parties
14. General Provisions: Standard boilerplate clauses including governing law and jurisdiction
1. Existing Tenancies: Required when the property is subject to existing tenancy agreements
2. Bank Financing: Required when the Purchaser is obtaining bank financing for the purchase
3. Property Management: Required for properties within managed developments with maintenance fees
4. Vacant Possession: Required when immediate vacant possession is part of the agreement
5. Special Conditions: Required when there are unique circumstances or conditions specific to the transaction
6. GST/Tax Provisions: Required when specific tax arrangements need to be addressed
7. Development Orders: Required when the property is subject to specific development orders or restrictions
1. Schedule 1 - Property Details: Detailed description of the property including lot number, title details, and land area
2. Schedule 2 - Purchase Price Payment Schedule: Detailed breakdown of payment installments and timeline
3. Schedule 3 - Title Particulars: Copy of land title or strata title particulars
4. Schedule 4 - Inventory List: List of fixtures and fittings included in the sale (if applicable)
5. Appendix A - Property Plans: Floor plans, location plans, and other relevant property drawings
6. Appendix B - Copies of Relevant Documents: Copies of relevant certificates, permits, and other supporting documents
7. Appendix C - Form of Transfer: Template for the instrument of transfer to be executed at completion
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Banking and Finance
Legal Services
Construction
Housing Development
Commercial Property
Residential Property
Property Investment
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Risk Management
Sales
Business Development
Operations
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Conveyancing Executive
Property Developer
Bank Manager
Mortgage Officer
Legal Associate
Property Investment Manager
Compliance Officer
Real Estate Investment Analyst
Land Office Administrator
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