The Reservation Contract is a crucial document in Malaysian property transactions, used when a prospective purchaser expresses serious interest in acquiring a property but requires a formal period to conduct due diligence or secure financing. This document establishes the prospective purchaser's priority right to purchase the property during the reservation period, typically in exchange for a reservation fee. The contract must comply with Malaysian property and contract laws, including the Contracts Act 1950 and relevant property legislation. It serves as a preliminary agreement before the full Sale and Purchase Agreement, protecting both parties' interests by clearly defining the reservation terms, payment conditions, and rights during the reservation period.
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1. Parties: Identification of the property owner/developer and the prospective purchaser with full details
2. Background: Context of the reservation agreement including brief property description and intention to reserve
3. Definitions: Key terms used in the agreement including 'Property', 'Reservation Period', 'Reservation Fee', etc.
4. Property Details: Brief description of the property being reserved (detailed description in Schedule)
5. Reservation Fee: Amount of reservation fee, payment terms, and refund conditions
6. Reservation Period: Duration of the reservation and rights during this period
7. Rights and Obligations: Responsibilities of both parties during the reservation period
8. Termination: Circumstances under which the reservation can be terminated by either party
9. Refund Terms: Conditions and process for refund of reservation fee
10. Governing Law: Specification of Malaysian law as governing law
11. Execution: Signature blocks and execution details
1. Multiple Purchasers: Additional terms for cases with multiple prospective purchasers
2. Special Conditions: Any special terms or conditions specific to this reservation
3. Assignment: Terms regarding whether the reservation rights can be assigned to others
4. Force Majeure: Provisions for unforeseen circumstances affecting the reservation
5. Dispute Resolution: Specific dispute resolution procedures if different from standard court proceedings
6. Confidentiality: Terms regarding confidentiality of the reservation agreement
1. Schedule 1 - Property Description: Detailed description of the property including lot number, size, location, and specifications
2. Schedule 2 - Payment Schedule: Detailed breakdown of reservation fee payment terms and timeline
3. Schedule 3 - Property Documents: List of relevant property documents provided or to be provided
4. Appendix A - Property Plans: Floor plans, location maps, or other relevant property drawings
5. Appendix B - Reservation Process: Detailed steps and timeline for the reservation process
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Legal Services
Financial Services
Housing Development
Commercial Property
Relevant Teams
Legal
Sales
Property Management
Compliance
Business Development
Contract Administration
Customer Relations
Real Estate Operations
Relevant Roles
Property Developer
Real Estate Agent
Legal Counsel
Property Manager
Sales Director
Compliance Officer
Contract Administrator
Property Sales Executive
Development Manager
Transaction Manager
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