The Deed of Cancellation of Agreement for Sale is a crucial document used in Malaysian property transactions when parties mutually agree to terminate a previously executed sale agreement. This document is typically required when circumstances change after the original agreement is signed but before the sale is completed, such as when financing falls through, due diligence reveals issues, or parties mutually agree not to proceed with the transaction. The deed must comply with Malaysian legal requirements, including proper execution as a deed, stamping requirements, and registration where necessary. It contains provisions for the cancellation of the original agreement, the return of deposits or documents, mutual releases, and the settlement of any costs incurred. The document is particularly important as it provides legal certainty and protection for all parties by formally documenting the cancellation and preventing future disputes.
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1. Parties: Identification of all parties to the deed, including the original seller and purchaser from the Agreement for Sale
2. Background: Recitals detailing the original Agreement for Sale, its date, and key terms, and the parties' intention to cancel it
3. Definitions: Definitions of key terms used in the deed, including reference to the Original Agreement and Property
4. Cancellation: Express statement of cancellation of the Agreement for Sale and its effective date
5. Return of Documents: Provisions for the return of any documents exchanged under the original agreement
6. Mutual Release: Mutual release of parties from all obligations under the original agreement
7. Costs: Provisions detailing how costs related to the original agreement and this cancellation deed will be handled
8. Governing Law: Specification that the deed is governed by Malaysian law
9. Execution: Formal execution blocks for all parties to sign the deed
1. Refund of Purchase Price: Required if any purchase price or deposit has been paid and needs to be refunded
2. Survival of Terms: Used when certain terms from the original agreement need to survive the cancellation
3. Confidentiality: Include if parties wish to keep the cancellation and its terms confidential
4. Tax Implications: Include if there are specific tax consequences that need to be addressed
5. Third Party Rights: Required if there are any third party interests or rights that need to be addressed
6. Further Assurance: Include if parties need to take additional actions to give effect to the cancellation
1. Schedule 1 - Original Agreement: Copy or details of the original Agreement for Sale being cancelled
2. Schedule 2 - Property Details: Full description of the property that was the subject of the original agreement
3. Schedule 3 - Payment Details: Details of any payments made and to be refunded, if applicable
4. Schedule 4 - Outstanding Obligations: List of any outstanding obligations and how they will be resolved
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