The Buy Sell Agreement For A House is a fundamental legal document used in Malaysian property transactions to formalize the sale and purchase of residential properties. It serves as the primary contract between the vendor and purchaser, incorporating all essential terms and conditions required by Malaysian law, particularly the Housing Development (Control and Licensing) Act 1966 and the National Land Code 1965. This agreement is necessary whenever a residential property transaction occurs in Malaysia, whether involving private sellers, developers, or real estate companies. It includes crucial details such as property specifications, purchase price, payment schedule, completion terms, and both parties' obligations. The document must comply with state-specific requirements and may need to address additional considerations such as bank financing, strata titles for apartments, or existing tenancies.
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1. Parties: Identification of the Vendor/Seller and Purchaser/Buyer with full legal names, identification numbers, and addresses
2. Background: Brief context of the transaction, including property ownership status and intention to sell
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the property at the agreed price
5. Purchase Price: Detailed breakdown of the purchase price and payment terms
6. Conditions Precedent: Conditions that must be fulfilled before completion
7. Vendor's Obligations: Responsibilities and warranties of the seller
8. Purchaser's Obligations: Responsibilities and obligations of the buyer
9. Completion: Terms and process for completing the sale
10. Title, Transfer, and Assignment: Provisions regarding property title and its transfer
11. Representations and Warranties: Standard warranties about property ownership and condition
12. Default: Consequences of default by either party
13. Notices: How formal notices should be given between parties
14. Governing Law: Confirmation of Malaysian law as governing law
15. Execution: Signature blocks and execution formalities
1. Loan and Financial Arrangements: Include when purchaser is obtaining bank financing
2. Existing Tenancies: Include when property has existing tenants
3. Renovation and Alterations: Include when specific agreements about property modifications are needed
4. Strata Title Provisions: Include for apartments or condominiums
5. Agent Commission: Include when real estate agents are involved
6. Vacant Possession: Include specific timing and conditions for vacant possession
7. Tax Obligations: Include detailed tax arrangements if complex RPGT situations apply
8. Due Diligence: Include when specific property inspections are agreed upon
1. Schedule 1: Property Details: Detailed description of property including lot number, title details, and exact location
2. Schedule 2: Payment Schedule: Detailed breakdown of payment installments and timing
3. Schedule 3: Property Inventory: List of fixtures, fittings, and other items included in the sale
4. Schedule 4: Form of Transfer: Template transfer document complying with National Land Code requirements
5. Schedule 5: Existing Encumbrances: Details of any existing charges, caveats, or other encumbrances
6. Appendix A: Property Documents: Copies of relevant title documents and certificates
7. Appendix B: Property Plans: Floor plans and land survey plans
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