Document background
An Offer to Purchase Land is a crucial preliminary document in Malaysian property transactions, typically used when a prospective buyer has identified a suitable property and wishes to formalize their interest. This document serves as the first formal step in the land acquisition process, preceding the full Sale and Purchase Agreement. It must comply with Malaysian legal requirements, particularly the National Land Code 1965 and relevant state laws. The document includes essential details such as property description, purchase price, payment terms, due diligence period, and conditions precedent. It's particularly important in commercial and industrial property transactions where significant due diligence may be required before proceeding to a full purchase agreement. The document helps protect both parties' interests by clearly stating the proposed terms and conditions of the potential transaction.
