The Agreement Of Purchase And Sale Condominium is a crucial legal document used in Malaysian property transactions for the transfer of condominium ownership. It is essential when any party wishes to sell or purchase a condominium unit in Malaysia, whether for residential or investment purposes. The agreement must comply with various Malaysian legislations, including the Strata Titles Act 1985, National Land Code 1965, and Housing Development (Control and Licensing) Act 1966. It contains detailed provisions covering property description, purchase price, payment terms, conditions precedent, obligations of both parties, completion requirements, and provisions regarding common property and maintenance charges. This document is particularly important as it protects both parties' interests and ensures a legally binding and enforceable transaction that meets all regulatory requirements for strata title properties in Malaysia.
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1. Parties: Identification of the Vendor and Purchaser with full legal names and identification/registration numbers
2. Background: Recitals explaining the context of the sale, including brief description of the property and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the condominium unit, including unit number, floor area, and share in common property
5. Purchase Price: Statement of the purchase price and payment terms, including deposit and balance payment schedule
6. Conditions Precedent: Conditions that must be fulfilled before completion of the sale
7. Vendor's Obligations: Responsibilities and warranties of the seller including delivery of vacant possession and documents
8. Purchaser's Obligations: Responsibilities of the buyer including payment obligations and compliance with terms
9. Completion: Process and requirements for completing the sale, including timing and documentation
10. Title and Transfer: Provisions regarding transfer of title and registration requirements
11. Common Property: Rights and obligations regarding common areas and facilities
12. Maintenance Charges: Provisions regarding service charges, sinking fund, and other maintenance fees
13. Default: Consequences of default by either party and remedies available
14. Notices: Process for serving notices between parties
15. Governing Law: Specification of Malaysian law as governing law and jurisdiction
16. General Provisions: Standard boilerplate clauses including entire agreement, variations, and severability
1. Mortgage Financing: Include when purchaser requires bank financing, detailing loan conditions and requirements
2. Renovation Works: Include when specific renovation agreements are made between parties pre-completion
3. Tenancy: Include when property is currently tenanted or when there are existing tenancy agreements
4. Car Park: Include when separate car park lots are included in the sale
5. Furniture and Fittings: Include when sale includes specific furniture or fittings
6. Developer's Consent: Include when developer's consent is required for the transfer
7. GST/Tax Provisions: Include specific tax arrangements if applicable to the transaction
1. Schedule 1 - Property Description: Detailed technical description of the property including boundaries, measurements, and share in common property
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms, installments, and due dates
3. Schedule 3 - Inventory List: List of furniture, fittings, and other items included in the sale if applicable
4. Schedule 4 - Title Particulars: Details of the strata title or master title
5. Schedule 5 - Approved Plans: Copy of approved building plans and floor plans
6. Appendix A - Copy of Strata Title: Copy of strata title or master title document
7. Appendix B - House Rules: Copy of management corporation's house rules and regulations
8. Appendix C - Special Conditions: Any special conditions agreed between the parties
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