The Lease and Sale Agreement is a sophisticated legal instrument used in Malaysian property transactions where parties wish to combine a leasing arrangement with a future purchase option. This document is particularly useful in situations where immediate purchase isn't feasible or desired, but there's interest in securing future ownership rights. It's commonly used in both commercial and residential contexts, providing flexibility for tenants while giving property owners a committed potential buyer. The agreement must comply with Malaysian property and contract laws, including the National Land Code 1965, Contracts Act 1950, and Stamp Act 1949. It typically includes detailed provisions for rental payments, property maintenance, option exercise procedures, purchase price determination, and completion requirements. This type of agreement is especially relevant in developing commercial areas or for businesses testing new locations before committing to purchase.
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1. Parties: Identification of the lessor/vendor and lessee/purchaser with full legal names and details
2. Background: Context of the agreement, including property details and intention to lease with option to purchase
3. Definitions: Definitions of key terms used throughout the agreement
4. Lease Terms: Duration of lease, rental amount, payment terms, and frequency
5. Property Usage: Permitted use of property, restrictions, and maintenance obligations
6. Sale Option Terms: Terms and conditions of the purchase option, including price and exercise period
7. Exercise of Option: Procedure for exercising the purchase option and transition from lease to sale
8. Property Condition: State of the property, existing defects, and responsibility for repairs
9. Insurance and Risk: Insurance requirements and allocation of risk during lease and sale phases
10. Default and Remedies: Events of default and corresponding remedies for both lease and sale components
11. Completion of Sale: Procedures and requirements for completing the sale transaction
12. Representations and Warranties: Statements of fact and promises by both parties regarding the property and their capacity
13. Governing Law: Specification of Malaysian law as governing law and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Strata Title Provisions: Required if property is under strata title, including management corporation obligations
2. Tenant Improvements: Include if lessee is permitted to make improvements to the property
3. Assignment and Subletting: Include if transfer of rights or subletting is to be permitted
4. Environmental Matters: Required for industrial or commercial properties with potential environmental impacts
5. GST Provisions: Include if transaction is subject to Goods and Services Tax
6. Special Conditions: Any unique terms specific to the transaction or property
7. Break Clause: Include if early termination options are to be provided
8. Force Majeure: Include if specific events beyond parties' control should be addressed
1. Property Description: Detailed description of the property including lot number, title details, and address
2. Rental Payment Schedule: Breakdown of rental payments, including escalation rates if applicable
3. Purchase Price Calculation: Formula for determining final purchase price, including any rental offset
4. Condition Report: Detailed report of property condition at lease commencement
5. Permitted Alterations: List of alterations permitted during the lease period
6. Service Charges: Details of service charges and maintenance fees if applicable
7. Form of Option Notice: Template for exercising the purchase option
8. Handover Inventory: List of fixtures, fittings, and items included in lease/sale
Relevant legal definitions
Agreement
Property
Lease Term
Commencement Date
Completion Date
Consideration
Deposit
Exercise Date
Exercise Notice
Exercise Period
Identity Card
Land Office
Lease Period
Option Fee
Option Period
Option to Purchase
Permitted Use
Purchase Price
Rental
Sale Completion
Service Charge
Stamp Duty
Title Deed
Transfer Date
Valuation Report
Vacant Possession
Strata Title
Common Property
Maintenance Charge
Security Deposit
Utilities
Working Day
Bank Guarantee
Building
Encumbrances
Fixtures
Force Majeure
Interest Rate
Land
Legal Fees
Material Breach
Notice
Parties
Payment Date
Registration Fees
Relevant Authority
Renewal Term
Schedule
Term
Transaction Documents
Property
Lease Term
Commencement Date
Completion Date
Consideration
Deposit
Exercise Date
Exercise Notice
Exercise Period
Identity Card
Land Office
Lease Period
Option Fee
Option Period
Option to Purchase
Permitted Use
Purchase Price
Rental
Sale Completion
Service Charge
Stamp Duty
Title Deed
Transfer Date
Valuation Report
Vacant Possession
Strata Title
Common Property
Maintenance Charge
Security Deposit
Utilities
Working Day
Bank Guarantee
Building
Encumbrances
Fixtures
Force Majeure
Interest Rate
Land
Legal Fees
Material Breach
Notice
Parties
Payment Date
Registration Fees
Relevant Authority
Renewal Term
Schedule
Term
Transaction Documents
Clauses
Rental Payment
Option to Purchase
Property Use
Maintenance
Insurance
Assignment
Default
Termination
Property Transfer
Title Warranties
Compliance
Indemnification
Force Majeure
Notices
Dispute Resolution
Governing Law
Utilities
Access Rights
Alterations
Registration
Stamp Duty
Condition Precedent
Representations
Good Repair
Quiet Enjoyment
Renewal
Security Deposit
Property Tax
Sale Completion
Possession
Option to Purchase
Property Use
Maintenance
Insurance
Assignment
Default
Termination
Property Transfer
Title Warranties
Compliance
Indemnification
Force Majeure
Notices
Dispute Resolution
Governing Law
Utilities
Access Rights
Alterations
Registration
Stamp Duty
Condition Precedent
Representations
Good Repair
Quiet Enjoyment
Renewal
Security Deposit
Property Tax
Sale Completion
Possession
Relevant Industries
Real Estate
Commercial Property
Residential Property
Retail
Industrial
Hospitality
Office Space
Manufacturing
Logistics
Warehousing
Agriculture
Relevant Teams
Legal
Real Estate
Facilities Management
Finance
Operations
Procurement
Risk and Compliance
Corporate Services
Business Development
Property Management
Relevant Roles
Property Manager
Real Estate Director
Legal Counsel
Contract Manager
Facilities Manager
Chief Financial Officer
Business Development Manager
Operations Director
Asset Manager
Commercial Director
Procurement Manager
Real Estate Investment Manager
Corporate Services Manager
Risk Manager
Compliance Officer
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