The Agreement For Sale Of Mortgaged Property is a specialized legal instrument used in Malaysian property transactions where the subject property is encumbered by an existing mortgage. This document is essential when a property owner wishes to sell their mortgaged property while ensuring proper discharge of the existing mortgage and protection of all parties' interests. The agreement must comply with Malaysian legislation, particularly the National Land Code 1965, Contracts Act 1950, and relevant banking regulations. It includes comprehensive provisions for payment arrangements, mortgage discharge procedures, conditions precedent, and completion requirements. This document type is commonly used in both residential and commercial property transactions and requires careful coordination between the seller, purchaser, and the mortgagee bank to ensure successful completion of the sale.
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1. Parties: Identification of the Seller, Purchaser, and existing Mortgagee Bank
2. Background: Recitals explaining the current ownership, existing mortgage details, and intention to sell
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core terms of the sale including purchase price and property details
5. Payment Terms: Structure and timing of payments, including deposit and balance payment arrangements
6. Discharge of Mortgage: Process and obligations regarding the discharge of existing mortgage
7. Conditions Precedent: Prerequisites to be fulfilled before completion
8. Completion: Procedures and requirements for completing the sale
9. Seller's Representations and Warranties: Seller's declarations regarding the property and their authority to sell
10. Purchaser's Representations and Warranties: Purchaser's declarations regarding their capacity to purchase
11. Default and Termination: Consequences of default and termination rights
12. Costs and Stamp Duty: Allocation of legal costs, stamp duties, and other expenses
1. Vacant Possession: Terms for delivering vacant possession, used when property is currently occupied
2. Rental Income: Provisions regarding existing tenancies and rental income, applicable for tenanted properties
3. Property Management: Responsibilities for property management during the transition period
4. Islamic Finance Compliance: Additional provisions for Shariah compliance, if applicable
5. Third Party Consents: Requirements for obtaining consents from relevant authorities or third parties
6. Tax Matters: Special tax considerations or arrangements, if applicable
7. Insurance: Provisions regarding property insurance during the transition period
1. Property Details: Detailed description of the property including title particulars and encumbrances
2. Payment Schedule: Detailed breakdown of payment terms and installments
3. Completion Documents: List of documents required for completion
4. Existing Tenancies: Details of any existing tenancy agreements
5. Form of Transfer: Prescribed form for transfer of title
6. Outstanding Payments: List of outstanding payments related to the property
7. Condition Report: Current condition of the property and any included fixtures/fittings
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