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Addendum In Real Estate Contract

Addendum In Real Estate Contract Template for Malaysia

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Key Requirements PROMPT example:

Addendum In Real Estate Contract

"I need an Addendum In Real Estate Contract to modify the payment schedule for a commercial property purchase in Kuala Lumpur, specifically to split the final payment into three installments while maintaining the total purchase price of RM 2.5 million."

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Document background
The Addendum In Real Estate Contract is a crucial legal instrument in Malaysian property transactions, designed to accommodate changes to existing real estate agreements without the need for completely new contracts. This document type is commonly used when parties need to modify terms such as purchase price, completion dates, property specifications, or other contractual obligations after the original agreement has been signed but before completion. It must comply with Malaysian property law, including the National Land Code 1965 and Contracts Act 1950, and typically requires proper stamping under the Stamp Act 1949 to be legally enforceable. The addendum ensures continuity of the original agreement while incorporating necessary changes, making it an essential tool in both residential and commercial real estate transactions in Malaysia.
Suggested Sections

1. Parties: Identification of all parties to the original contract and addendum, including their full legal names, registration numbers (if companies), and addresses

2. Background: Reference to the original contract including its date, parties, and subject property details, and brief context for why the addendum is needed

3. Definitions: Key terms used in the addendum, including any new terms not defined in the original contract

4. Original Contract Reference: Specific citation of clauses or sections of the original contract being modified or affected by this addendum

5. Modifications: Clear statement of all changes, additions, or deletions to the original contract, with specific reference to affected clauses

6. Effect on Original Agreement: Statement confirming that all other terms and conditions of the original contract remain in full force and effect

7. Governing Law: Confirmation that the addendum is governed by Malaysian law

8. Execution: Signature blocks for all parties, witnesses, and dates of signing

Optional Sections

1. Additional Consideration: Required when the addendum involves changes to the purchase price or other financial terms

2. Time Extension: Used when modifying completion dates, closing dates, or other timeline-related terms

3. Property Description Amendment: Included when there are changes to the property details or boundaries

4. Conditional Clauses: Added when the modifications are subject to specific conditions being met

5. Third Party Consents: Required when changes need approval from banks, authorities, or other third parties

6. Special Terms: For any unique or specific modifications that don't fit into standard categories

Suggested Schedules

1. Schedule A - Modified Payment Terms: Detailed breakdown of any changes to payment schedules or amounts

2. Schedule B - Revised Property Details: Updated property specifications, boundaries, or included items if modified

3. Schedule C - Timeline Modifications: Detailed calendar of revised dates and deadlines

4. Appendix 1 - Supporting Documents: Copies of relevant certificates, permits, or other documents supporting the modifications

5. Appendix 2 - Third Party Approvals: Copies of any required consents or approvals from third parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Property Development

Legal Services

Banking and Finance

Construction

Property Management

Commercial Property

Residential Property

Industrial Property

Urban Planning

Relevant Teams

Legal

Real Estate Operations

Property Management

Compliance

Contract Administration

Sales

Business Development

Risk Management

Documentation

Client Relations

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Executive

Property Manager

Legal Counsel

Contract Administrator

Property Developer

Real Estate Transaction Manager

Compliance Officer

Land Administrator

Property Valuer

Real Estate Investment Manager

Industries
National Land Code 1965: The fundamental law governing real property in Malaysia, covering land ownership, registration, transfers, and dealings in land. Any addendum affecting property rights must comply with this code.
Contracts Act 1950: Provides the legal framework for contract formation, modification, and enforcement in Malaysia. The addendum must meet the basic requirements of contract law including offer, acceptance, and consideration.
Housing Development (Control and Licensing) Act 1966: Regulates housing developments and protects buyers' interests. Relevant if the addendum involves residential property developed under licensed housing projects.
Stamp Act 1949: Governs the stamping requirements for legal documents. The addendum may need to be properly stamped to be admissible in court and legally enforceable.
Legal Profession Act 1976: Relevant for ensuring proper legal execution and attestation of the addendum, particularly if it involves substantial changes to the original agreement.
Strata Titles Act 1985: Important if the property involved is a strata property (apartments, condominiums). Any modifications must comply with strata regulations.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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