Purchase Agreement Improved Property Template for Malaysia

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Key Requirements PROMPT example:

Purchase Agreement Improved Property

"I need a Purchase Agreement Improved Property for a commercial office building in Kuala Lumpur, valued at RM 5.5 million, with completion scheduled for March 2025, and specific provisions for the transfer of existing maintenance contracts."

Document background
The Purchase Agreement Improved Property is a crucial legal document used in Malaysian real estate transactions when transferring ownership of developed property that includes buildings or structures. This agreement is essential for both residential and commercial property transactions in Malaysia, providing a detailed framework for the sale process while ensuring compliance with local laws and regulations. The document is structured to address all aspects of the property transfer, including property details, payment terms, conditions precedent, and obligations of both parties. It incorporates requirements from various Malaysian legislation, including the National Land Code 1965, Contracts Act 1950, and where applicable, the Strata Titles Act 1985. The agreement is particularly important as it serves as the primary evidence of the transaction terms and provides legal protection for both vendor and purchaser throughout the property transfer process.
Suggested Sections

1. Parties: Identification of the Vendor and Purchaser with full legal names, identification numbers, and addresses

2. Background: Recitals explaining the context of the sale, including brief property description and parties' intention to enter into the transaction

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

4. Property Description: Detailed description of the property including lot number, title details, and precise location

5. Purchase Price: Statement of the agreed purchase price and payment terms including deposit and completion amounts

6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of late payment

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

8. Vendor's Obligations: Responsibilities and warranties of the vendor including delivery of vacant possession and documentation

9. Purchaser's Obligations: Responsibilities of the purchaser including payment obligations and due diligence

10. Completion: Requirements and procedure for completion of the sale

11. Title and Transfer: Provisions regarding transfer of title and registration requirements

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

13. Notices: Method and addresses for serving notices between parties

14. Governing Law: Specification of Malaysian law as governing law and jurisdiction

15. Execution: Formal execution block for signing by parties and witnesses

Optional Sections

1. Strata Title Provisions: Required when the property is a strata-titled property, including provisions about management corporation and service charges

2. Tenancy Provisions: Required when the property is sold with existing tenants, detailing handling of tenancy and rental deposits

3. Bank Financing: Required when purchaser is obtaining bank financing, including conditions related to loan approval and disbursement

4. Property Condition: Detailed provisions about the condition of buildings and fixtures when selling improved property with specific features or concerns

5. Development Requirements: Required when property is part of a development project with ongoing obligations or restrictions

6. GST Provisions: Required when the transaction is subject to Goods and Services Tax

7. Foreign Investment: Required when purchaser is a foreign entity, including compliance with Foreign Investment Committee requirements

Suggested Schedules

1. Schedule 1: Property Details: Comprehensive description of the property including exact measurements, boundaries, and title particulars

2. Schedule 2: Payment Schedule: Detailed breakdown of payment terms including all installments and due dates

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

4. Schedule 4: Outstanding Charges: List of all outstanding charges, taxes, and assessments affecting the property

5. Schedule 5: Title Conditions: Copy of title conditions, restrictions, and encumbrances

6. Appendix A: Property Documents: Copies of relevant property documents including latest quit rent and assessment receipts

7. Appendix B: Property Plans: Certified plans of the property including building plans and location plans

8. Appendix C: Photographs: Recent photographs of the property documenting its current condition

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

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Legal Services

Banking and Finance

Property Development

Construction

Property Management

Professional Services

Commercial Property

Residential Property

Investment and Asset Management

Public Sector

Relevant Teams

Legal

Real Estate

Compliance

Business Development

Property Management

Facilities Management

Risk Management

Corporate Affairs

Investment

Operations

Finance

Administration

Relevant Roles

Legal Counsel

Real Estate Lawyer

Property Manager

Real Estate Agent

Property Developer

Contract Manager

Compliance Officer

Business Development Manager

Investment Manager

Property Valuer

Facilities Manager

Transaction Manager

Risk Manager

Corporate Lawyer

Company Secretary

Chief Legal Officer

Real Estate Director

Asset 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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