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Real Estate Contract Of Sale Template for Malaysia

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Key Requirements PROMPT example:

Real Estate Contract Of Sale

"I need a Real Estate Contract of Sale for a residential property in Kuala Lumpur, with completion scheduled for March 2025. The property is a freehold condominium unit and the buyer requires bank financing."

Document background
The Real Estate Contract of Sale is a fundamental legal instrument in Malaysian property transactions, essential for documenting the terms and conditions of property transfers. This document is required whenever real estate is bought or sold in Malaysia, whether it's residential, commercial, or industrial property. It must comply with various Malaysian laws, including the National Land Code 1965, Contracts Act 1950, and Stamp Act 1949. The contract includes crucial details such as property description, purchase price, payment terms, completion date, and specific conditions of sale. It serves as the primary reference document throughout the transaction process and is necessary for title transfer at the Land Office. The document's structure and content are designed to protect both parties' interests while ensuring compliance with Malaysian legal requirements and property regulations.
Suggested Sections

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

2. Background: Brief context of the transaction and statement of Vendor's ownership of the property

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

4. Property Details: Comprehensive description of the property including lot number, title details, and physical address

5. Purchase Price: Agreed purchase price and payment terms including deposit, balance, and payment schedule

6. Conditions Precedent: Conditions that must be fulfilled before completion, including title searches and financing approval

7. Vendor's Obligations: Responsibilities and warranties of the seller including delivery of vacant possession and settlement of outstanding charges

8. Purchaser's Obligations: Responsibilities of the buyer including payment obligations and due diligence requirements

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

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

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

12. Notices: Process and requirements for serving notices under the agreement

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

14. Execution: Signature blocks and execution requirements

Optional Sections

1. Tenancy: Required if the property is currently tenanted, detailing arrangements for existing tenants

2. Strata Title: Required for apartments or condominiums, including details of share in common property and maintenance obligations

3. Property Condition: Detailed when specific property conditions need to be addressed or when property is sold 'as is'

4. Renovation Works: Required if there are ongoing or planned renovation works that affect the sale

5. GST/Tax Provisions: Detailed GST or tax provisions if applicable to the transaction

6. Developer's Consent: Required if the property is still under developer's control or subject to developer's restrictions

7. Bumiputera Restrictions: Required if the property is subject to Bumiputera ownership restrictions

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the property including boundaries, fixtures, and fittings

2. Schedule 2 - Title Particulars: Copy of title details, including any endorsements or encumbrances

3. Schedule 3 - Payment Schedule: Detailed breakdown of payment terms and timeline

4. Schedule 4 - Vendor's Warranties: List of specific warranties given by the vendor regarding the property

5. Schedule 5 - Inventory List: List of items included in the sale (if furnished property)

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

7. Appendix B - Required Consents: Copies of relevant consents and approvals

8. Appendix C - Special Conditions: Any special conditions or requirements specific to the transaction

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 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 & Finance

Property Development

Construction

Property Investment

Real Estate Investment Trusts (REITs)

Property Management

Relevant Teams

Legal

Real Estate

Property Management

Acquisitions

Compliance

Corporate Services

Investment

Operations

Risk Management

Documentation

Relevant Roles

Real Estate Lawyer

Property Lawyer

Conveyancing Lawyer

Real Estate Agent

Property Agent

Property Developer

Legal Counsel

Corporate Lawyer

Property Manager

Real Estate Investment Manager

Land Administrator

Title Officer

Compliance Officer

Real Estate Transaction Manager

Property Acquisition 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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