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Reservation Contract for Malaysia

Reservation Contract Template for Malaysia

A legally binding document governed by Malaysian law that establishes the terms and conditions for reserving a property for potential purchase. The contract specifies the reservation period, fee amount, and conditions for both parties, complying with the Malaysian Contracts Act 1950 and relevant property legislation. It protects both the property developer/owner and the prospective purchaser by clearly defining their rights and obligations during the reservation period, including payment terms and refund conditions.

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What is a Reservation Contract?

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.

What sections should be included in a Reservation Contract?

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

What sections are optional to include in a Reservation Contract?

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

What schedules should be included in a Reservation Contract?

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

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Malaysia

Publisher

Ƶ

Document Type

Service Agreement

Cost

Free to use
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

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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