The Mortgage Sales Contract is a crucial legal instrument in Malaysian property transactions that combines the elements of a property sale with mortgage financing arrangements. It is primarily used when purchasing property with bank financing in Malaysia, ensuring compliance with the National Land Code 1965, Financial Services Act 2013, and other relevant Malaysian legislation. This document is essential for both residential and commercial property transactions, incorporating necessary provisions for property transfer, financing terms, and security arrangements. The contract must adhere to strict regulatory requirements, including those set by Bank Negara Malaysia (the central bank), and can be structured to accommodate both conventional and Islamic financing principles. It serves as a comprehensive agreement that protects the interests of all parties - the seller, buyer, and the financing institution - while ensuring the transaction meets all legal and regulatory requirements under Malaysian law.
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1. Parties: Identification of the seller, purchaser, and financing institution
2. Background: Context of the sale and mortgage arrangement, including property overview
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Sale and Purchase Agreement: Core terms of the property sale including purchase price and completion date
5. Property Details: Comprehensive description of the property including title details and encumbrances
6. Purchase Price and Payment Terms: Detailed breakdown of purchase price, deposit, and payment schedule
7. Mortgage Terms: Key terms of the mortgage including principal amount, interest rate, and repayment period
8. Conditions Precedent: Prerequisites that must be fulfilled before completion
9. Representations and Warranties: Statements of fact and promises by both parties
10. Covenants: Ongoing obligations of the parties during the mortgage term
11. Default and Remedies: Consequences and remedies in case of default
12. Completion: Process and requirements for completing the sale and mortgage
13. Insurance: Required insurance coverage for the property
14. Assignment and Transfer: Terms regarding transfer of rights and obligations
15. Notices: Communication procedures between parties
16. Governing Law and Jurisdiction: Confirmation of Malaysian law application and jurisdiction
1. Islamic Finance Provisions: Required when the mortgage follows Shariah-compliant financing principles
2. Guarantor Provisions: Required when there is a third-party guarantor for the mortgage
3. Developer's Terms: Required for new properties purchased directly from developers
4. Strata Title Provisions: Required for apartments or condominiums under strata title
5. Foreign Investment Provisions: Required when the purchaser is a foreign national
6. Power of Attorney: Required when any party is acting through an appointed representative
7. Joint Ownership Terms: Required when multiple purchasers are involved
8. Renovation and Modification Terms: Optional terms regarding property modifications during mortgage period
1. Schedule 1: Property Description: Detailed legal description of the property, including lot number, title details, and boundary marks
2. Schedule 2: Payment Schedule: Detailed breakdown of payment installments, dates, and amounts
3. Schedule 3: Bank's Standard Terms and Conditions: Standard mortgage terms and conditions of the financing institution
4. Schedule 4: Special Conditions: Any special terms or conditions specific to this transaction
5. Schedule 5: Title Documents: Copies of relevant title documents and searches
6. Appendix A: Property Plans: Floor plans, location maps, and other property diagrams
7. Appendix B: Inventory List: List of fixtures and fittings included in the sale
8. Appendix C: Insurance Requirements: Detailed insurance specifications and requirements
9. Appendix D: Completion Checklist: List of documents and actions required for completion
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