Property Sales Contract Between Seller And Buyer for Malaysia

Property Sales Contract Between Seller And Buyer Template for Malaysia

A comprehensive legal agreement governed by Malaysian law that facilitates the transfer of property ownership from seller to buyer. This document outlines the terms and conditions of the property sale, including purchase price, payment terms, property details, and obligations of both parties. It ensures compliance with Malaysian property legislation, including the National Land Code 1965 and relevant property laws, while providing legal protection for both parties throughout the transaction process. The contract includes provisions for property transfer, warranties, and specific conditions that must be met for successful completion of the sale.

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What is a Property Sales Contract Between Seller And Buyer?

The Property Sales Contract Between Seller And Buyer is a fundamental legal document used in Malaysian property transactions to formalize the sale and purchase of real estate. This document is essential when transferring property ownership and must comply with Malaysian property laws, including the National Land Code 1965, Contracts Act 1950, and Stamp Act 1949. The contract is designed to protect both parties' interests by clearly defining the property details, purchase price, payment terms, conditions precedent, and completion requirements. It's commonly used for both residential and commercial property transactions and can be adapted for various scenarios, from simple individual property transfers to complex corporate transactions. The document's structure ensures all necessary legal requirements are met while providing clarity on the rights and obligations of all parties involved.

What sections should be included in a Property Sales Contract Between Seller And Buyer?

1. Parties: Identification and details of the Seller and Buyer, including full names, identification numbers, and addresses

2. Background: Brief context of the transaction and confirmation that the Seller is the registered proprietor of the property

3. Definitions: Definitions of key terms used throughout the agreement

4. Sale and Purchase: Core agreement to sell and purchase the property, including the purchase price and property details

5. Payment Terms: Detailed breakdown of payment schedule, deposit amount, and balance payment arrangements

6. Conditions Precedent: Conditions that must be fulfilled before completion of the sale

7. Seller's Obligations: Specific obligations of the Seller including providing clean title and necessary documentation

8. Buyer's Obligations: Specific obligations of the Buyer including payment terms and due diligence responsibilities

9. Completion: Details of the completion process, including timing and requirements for transfer of title

10. Title and Transfer: Provisions regarding the transfer of title and registration process

11. Representations and Warranties: Standard warranties by both parties regarding their capacity and authority to enter into the agreement

12. Default and Termination: Consequences of default by either party and circumstances for termination

13. Costs and Stamp Duty: Allocation of legal costs, stamp duty, and other associated expenses

14. Notices: Process for serving notices between parties

15. Governing Law: Confirmation of Malaysian law as governing law and jurisdiction

What sections are optional to include in a Property Sales Contract Between Seller And Buyer?

1. Vacant Possession: Used when immediate vacant possession is to be given, specifying conditions and timing

2. Tenancy: Required when the property is subject to existing tenancy agreements

3. Renovation and Alterations: Needed when there are specific agreements about existing or planned renovations

4. Car Park: Required for properties with designated parking spaces or rights

5. Strata Title: Necessary for apartments or condominiums under strata title

6. Property Management: Required for properties within managed developments, covering maintenance fees and sinking funds

7. Bank Financing: Added when the purchase is contingent on successful bank financing

8. Special Conditions: For any unique requirements or conditions specific to the transaction

What schedules should be included in a Property Sales Contract Between Seller And Buyer?

1. Schedule 1 - Property Details: Detailed description of the property including lot number, title details, and exact measurements

2. Schedule 2 - Purchase Price Breakdown: Itemized breakdown of the purchase price and payment schedule

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

4. Schedule 4 - Title Particulars: Complete details of the property title and any encumbrances

5. Schedule 5 - Completion Documents: List of documents required for completion

6. Appendix A - Property Plans: Floor plans, location maps, and other relevant property drawings

7. Appendix B - Photographs: Current photographs of the property and its condition

8. Appendix C - Relevant Certificates: Copies of relevant certificates such as Certificate of Fitness or strata title

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

Purchase Agreement

Cost

Free to use
Clauses
Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Housing Development

Commercial Property

Residential Property

Investment and Asset Management

Relevant Teams

Legal

Real Estate

Sales

Compliance

Property Management

Business Development

Investment

Asset Management

Operations

Risk Management

Relevant Roles

Property Lawyer

Real Estate Agent

Property Developer

Legal Counsel

Conveyancing Executive

Property Manager

Sales Director

Investment Manager

Asset Manager

Compliance Officer

Real Estate Investment Director

Property Acquisition Manager

Legal Director

Business Development Manager

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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