The Termination Of Purchase And Sale Agreement Form is a crucial legal document used in Malaysian property transactions when parties need to formally end their contractual obligations under an existing Sale and Purchase Agreement. This document becomes necessary in various situations, such as when conditions precedent cannot be met, mutual agreement to terminate, breach of contract, or when external circumstances make the completion of the transaction impossible. The form must comply with Malaysian legal requirements, including the Contracts Act 1950 and the National Land Code 1965, and typically includes provisions for the refund of deposits, mutual releases, and settlement terms. It serves as a formal record of the termination and protects all parties' interests by clearly defining the terms of separation and any ongoing obligations.
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1. Parties: Identification of all parties involved in the termination agreement, including full legal names, registration numbers for companies, and addresses
2. Background: Recitals detailing the original Sale and Purchase Agreement, its date, and key terms, followed by the circumstances leading to termination
3. Definitions: Definitions of key terms used in the termination agreement, including references to the original agreement
4. Termination: Clear statement of the termination of the original agreement and the effective date
5. Settlement Terms: Details of any financial settlements, including refund of deposits and payment terms
6. Mutual Release: Clauses releasing both parties from obligations under the original agreement and waiver of claims
7. Return of Documents: Provisions for the return of any relevant documents, titles, or materials
8. Confidentiality: Obligations regarding confidentiality of the termination and original agreement
9. Governing Law: Confirmation that Malaysian law governs the termination agreement
1. Survival Clauses: Identifies which provisions from the original agreement survive termination, used when certain obligations need to continue
2. Third Party Rights: Addresses rights of third parties affected by the termination, needed when other parties have interests in the agreement
3. Tax Implications: Specific provisions regarding tax consequences of the termination, used when significant tax implications exist
4. Dispute Resolution: Specific procedures for resolving disputes related to the termination, used in high-value or complex terminations
5. Force Majeure: If termination is due to force majeure events, detailed explanation of circumstances
6. Reinstatement Rights: Conditions under which the original agreement could be reinstated, if applicable
1. Schedule 1 - Original Agreement Details: Copy or key details of the original Sale and Purchase Agreement
2. Schedule 2 - Settlement Calculation: Detailed breakdown of any financial settlements, including deposit returns and adjustments
3. Schedule 3 - Property Details: Description of the property that was subject to the original agreement
4. Appendix A - Required Notices: Copies of any required notices or communications regarding the termination
5. Appendix B - Compliance Documents: Any regulatory or statutory compliance documents required for the termination
Relevant legal definitions
Agreement
Original Purchase Agreement
Property
Completion Date
Deposit
Effective Date
Purchase Price
Seller
Purchaser
Settlement Sum
Termination Date
Business Day
Completion
Encumbrances
Identity Card
Land Office
Land Title
Material Breach
Mutual Release
Outstanding Balance
Parties
Refund
Registration Fee
Release Date
Settlement Payment
Stamp Duty
Title Deed
Transaction Documents
Original Purchase Agreement
Property
Completion Date
Deposit
Effective Date
Purchase Price
Seller
Purchaser
Settlement Sum
Termination Date
Business Day
Completion
Encumbrances
Identity Card
Land Office
Land Title
Material Breach
Mutual Release
Outstanding Balance
Parties
Refund
Registration Fee
Release Date
Settlement Payment
Stamp Duty
Title Deed
Transaction Documents
Clauses
Recitals
Definitions
Termination
Mutual Release
Settlement
Refund
Return of Documents
Confidentiality
Representations and Warranties
Notice
Governing Law
Entire Agreement
Severability
Further Assurance
Costs and Expenses
Assignment
Force Majeure
Waiver
Indemnification
Dispute Resolution
Third Party Rights
Survival
Execution
Time of Essence
Definitions
Termination
Mutual Release
Settlement
Refund
Return of Documents
Confidentiality
Representations and Warranties
Notice
Governing Law
Entire Agreement
Severability
Further Assurance
Costs and Expenses
Assignment
Force Majeure
Waiver
Indemnification
Dispute Resolution
Third Party Rights
Survival
Execution
Time of Essence
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Commercial Property
Residential Property
Industrial Property
Retail Property
Agriculture (for agricultural land)
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Sales
Business Development
Finance
Risk Management
Corporate Secretarial
Operations
Relevant Roles
Legal Counsel
Property Manager
Real Estate Agent
Contract Manager
Property Developer
Compliance Officer
Transaction Manager
Sales Director
Land Officer
Property Lawyer
Business Development Manager
Finance Manager
Company Secretary
Risk Manager
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