Offer To Purchase Real Estate Form for Malaysia

Offer To Purchase Real Estate Form Template for Malaysia

This document serves as a formal written offer to purchase real estate property in Malaysia, governed by Malaysian property law including the National Land Code 1965 and Contracts Act 1950. It outlines the essential terms and conditions of the proposed purchase, including property details, purchase price, payment terms, conditions precedent, and completion timeline. The document initiates the legal process of property acquisition and, upon acceptance by the vendor, forms a binding agreement subject to the fulfillment of stated conditions. It incorporates necessary provisions to comply with Malaysian property regulations, including requirements for foreign ownership if applicable.

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What is a Offer To Purchase Real Estate Form?

The Offer To Purchase Real Estate Form is a crucial document in Malaysian property transactions, serving as the initial formal step in the property acquisition process. It is used when a prospective buyer wishes to formalize their intention to purchase a property, whether residential, commercial, or industrial. The document must comply with Malaysian legal requirements, particularly the National Land Code 1965, Contracts Act 1950, and relevant property regulations. It typically includes comprehensive details about the property, proposed purchase price, payment terms, conditions precedent (such as loan approval), due diligence requirements, and completion timeline. For foreign buyers, additional provisions addressing Foreign Investment Committee requirements may be necessary. The document becomes legally binding upon acceptance by the vendor, subject to the fulfillment of stated conditions.

What sections should be included in a Offer To Purchase Real Estate Form?

1. Parties: Details of the prospective purchaser (offeror) and property owner (offeree), including full legal names, identification numbers, and addresses

2. Background: Brief context of the offer to purchase, including property viewing confirmation and intention to purchase

3. Definitions: Key terms used in the document including 'Property', 'Purchase Price', 'Deposit', 'Completion Date' and other relevant terms

4. Property Details: Complete legal description of the property including lot number, title details, land area, and property address as per the National Land Code requirements

5. Purchase Price: The offered purchase price in Malaysian Ringgit (MYR) stated in both numbers and words

6. Payment Terms: Structure of payment including deposit amount, payment schedule, and balance payment details

7. Due Diligence Period: Timeframe and terms for conducting property and title searches, obtaining valuation reports, and other necessary investigations

8. Conditions Precedent: Essential conditions that must be fulfilled before the sale can proceed, such as bank loan approval

9. Completion Timeline: Proposed timeline for completing the purchase, including key milestones and final completion date

10. Property State and Condition: Declaration of the expected condition of the property upon handover

11. Default Provisions: Consequences and remedies in case either party defaults on their obligations

12. Acceptance Period: Validity period of the offer and method of acceptance

What sections are optional to include in a Offer To Purchase Real Estate Form?

1. Foreign Ownership Approval: Required when the purchaser is a foreign national, detailing the requirement for FIC approval

2. Strata Title Provisions: Included for apartments or condominiums, addressing maintenance fees, sinking funds, and by-laws

3. Tenancy Details: Required if the property is currently tenanted, addressing existing tenancy agreements

4. Renovation Conditions: Include when purchaser plans immediate renovations, detailing allowed scope and conditions

5. Property Management Obligations: For properties within managed communities, detailing ongoing management fees and obligations

6. GST/Tax Provisions: Specific tax-related provisions if applicable to the transaction

7. Vehicle Parking Assignment: For properties with designated parking spaces, detailing specific assignments and rights

What schedules should be included in a Offer To Purchase Real Estate Form?

1. Schedule A - Property Details: Detailed legal description of the property including title particulars, encumbrances, and caveats

2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates

3. Schedule C - Inventory List: List of fixtures, fittings, and other items included in the purchase

4. Schedule D - Special Conditions: Any special terms or conditions agreed between parties

5. Appendix 1 - Property Photos: Recent photographs of the property documenting current condition

6. Appendix 2 - Floor Plans: Approved building plans and floor layouts

7. Appendix 3 - Land Title Search: Recent land title search results showing ownership and encumbrances

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Malaysia

Publisher

Genie AI

Document Type

Sale Agreement

Cost

Free to use
Relevant Industries

Real Estate

Property Development

Banking and Finance

Legal Services

Construction

Property Investment

Property Management

Urban Planning

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Corporate Services

Investment

Operations

Contract Administration

Due Diligence

Business Development

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Property Developer

Investment Manager

Property Manager

Real Estate Broker

Compliance Officer

Contract Manager

Property Acquisition Manager

Real Estate Investment Director

Legal Director

Corporate Counsel

Real Estate Portfolio Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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