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The Option To Buy Contract is a crucial document in Malaysian property transactions, providing a structured framework for property acquisition negotiations. It is commonly used when a potential buyer needs time to arrange financing, conduct due diligence, or secure necessary approvals before committing to a purchase. The document must comply with Malaysian legislation, including the Contracts Act 1950, National Land Code 1965, and Stamp Act 1949. It typically includes detailed property descriptions, option period duration, consideration amount, exercise mechanisms, and completion procedures. This type of agreement is particularly valuable in commercial property transactions, development projects, or situations where parties need to secure future purchase rights while managing current obligations and risks.

1. Parties: Identification of the Option Grantor (seller) and Option Holder (potential buyer) with full legal names and addresses

2. Background: Context of the agreement, including brief property description and parties' intention to enter into an option arrangement

3. Definitions: Definitions of key terms used throughout the agreement including 'Option', 'Option Period', 'Purchase Price', 'Property', and 'Completion Date'

4. Grant of Option: Clear statement of the grant of option to purchase the property, including the option period duration

5. Option Fee: Details of the option fee amount, payment terms, and whether it's refundable or forms part of the purchase price

6. Exercise of Option: Procedure for exercising the option, including notice requirements and form of exercise notice

7. Purchase Price: Specified purchase price for the property and payment terms if option is exercised

8. Property Details: Comprehensive description of the property including title details, encumbrances, and current use

9. Completion: Terms and conditions for completion of the sale if option is exercised, including timing and procedures

10. Seller's Obligations: Obligations of the seller during the option period, including maintenance of property and restrictions on dealing

11. Termination: Circumstances under which the agreement can be terminated and consequences of termination

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

13. Notices: Process for giving notices under the agreement including addresses and acceptable methods