The Unit Purchase Agreement serves as the primary legal document for property transactions in Malaysian development projects, whether residential or commercial. This agreement is essential when a developer sells individual units within a development project to purchasers, and must comply with the Housing Development (Control and Licensing) Act 1966 and related regulations. The document typically includes comprehensive details about the property, payment terms, construction specifications, completion timelines, and various obligations of both parties. It provides legal protection for both the developer and purchaser while ensuring adherence to Malaysian property laws and regulations. The agreement becomes particularly important in pre-completion purchases, where units are bought during the construction phase, and includes provisions for progressive payments, defect liability, and property maintenance.
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1. Parties: Identification of the Developer/Vendor and the Purchaser with complete details
2. Background: Recitals explaining the development project, property details, and context of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the unit being purchased, including lot number, floor area, and location
5. Purchase Price: Statement of the purchase price and payment terms
6. Payment Schedule: Breakdown of installment payments and their corresponding timelines
7. Construction and Completion: Terms regarding construction quality, completion timeline, and delivery of vacant possession
8. Defect Liability: Developer's obligations regarding defect rectification and warranty period
9. Title and Transfer: Provisions regarding issuance and transfer of individual title
10. Maintenance and Management: Terms regarding maintenance fees, sinking fund, and property management
11. Termination: Circumstances and procedures for termination of the agreement
12. Notices: Methods and addresses for serving notices between parties
13. Governing Law: Specification of Malaysian law as governing law and jurisdiction
1. Loan Financing: Additional terms when purchaser requires bank financing - include if purchaser is taking a loan
2. Car Park: Terms regarding allocated parking spaces - include if parking is separately assigned
3. Modifications: Terms regarding permitted unit modifications - include if modifications are allowed
4. Special Privileges: Any special facilities or privileges granted to the purchaser - include if applicable
5. Assignment: Rights and procedures for assignment of the agreement - include if assignment is permitted
6. Property Management Corporation: Specific terms regarding management corporation - include for stratified properties
7. Utilities and Infrastructure: Specific provisions regarding utility connections and infrastructure - include if relevant to the development
1. Schedule 1 - Property Details: Detailed technical description of the unit, including floor plan and specifications
2. Schedule 2 - Payment Schedule: Detailed breakdown of progressive payment stages and amounts
3. Schedule 3 - Specifications: Building specifications, materials, and finishes
4. Schedule 4 - Common Facilities: List and description of common facilities and amenities
5. Schedule 5 - Layout Plan: Unit floor plan and location plan within the development
6. Schedule 6 - Special Terms: Any special terms or conditions specific to the purchase
7. Appendix A - Developer's License: Copy of developer's license and permit
8. Appendix B - Land Title: Copy of master title or strata title details
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