Agreement To Sell Real Estate Form Template for Malaysia

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Key Requirements PROMPT example:

Agreement To Sell Real Estate Form

"I need an Agreement to Sell Real Estate Form for a residential property in Kuala Lumpur, with completion scheduled for March 2025, including provisions for the property to be sold with existing furniture and requiring the seller to complete specific repairs before handover."

Document background
The Agreement To Sell Real Estate Form is a fundamental legal document used in Malaysian property transactions to formalize the sale and purchase of real estate. This document is essential when transferring property ownership in Malaysia, whether for residential, commercial, or industrial properties. It must comply with various Malaysian laws including the National Land Code 1965, Contracts Act 1950, and state-specific requirements. The agreement includes crucial details such as property specifics, purchase price, payment terms, conditions precedent, and completion requirements. It's particularly important to note that the form may need additional provisions when dealing with foreign buyers, strata properties, or properties under development. The document serves as the primary reference point for all parties involved in the transaction and forms the basis for the subsequent transfer of title.
Suggested Sections

1. Parties: Identifies and provides full details of the Vendor(s) and Purchaser(s), including names, identification numbers, and addresses

2. Background: Establishes the context of the sale, confirming the Vendor's ownership and authority to sell, and the Purchaser's intention to buy

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

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

5. Purchase Price: States the agreed purchase price and payment structure, including deposit and balance payment terms

6. Payment Terms: Details the payment schedule, method of payment, and consequences of late payment

7. Conditions Precedent: Specifies conditions that must be fulfilled before the agreement becomes fully effective

8. Completion: Sets out the completion date, delivery of vacant possession, and completion procedures

9. Vendor's Warranties: Lists the Vendor's warranties regarding property title, encumbrances, and condition

10. Purchaser's Warranties: Contains the Purchaser's warranties regarding financial capacity and compliance with relevant laws

11. Default Provisions: Specifies remedies and consequences in case of default by either party

12. Notices: Specifies how formal notices should be given between parties

13. Governing Law: Confirms Malaysian law as governing law and jurisdiction for disputes

Optional Sections

1. Existing Tenancies: Required when the property is subject to ongoing tenancies that will continue post-sale

2. Foreign Investment Approval: Needed when the purchaser is a foreign national or entity

3. Property Condition and Renovation: Used when specific agreements exist regarding property condition or permitted renovations

4. Strata Title Provisions: Required for apartments or condominiums under strata title

5. Bank Financing: Include when purchase is contingent on obtaining bank financing

6. Property Management: Needed for properties within managed developments with ongoing maintenance fees

7. GST/Tax Provisions: Required when specific tax arrangements need to be documented

8. Developer's Consent: Needed for properties still under developer's restriction period

Suggested Schedules

1. Property Schedule: Detailed property description including boundaries, fixtures, and fittings

2. Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates

3. Title Documents: Copies of relevant title documents and land searches

4. Inventory List: List of fixtures, fittings, and furniture included in the sale

5. Existing Tenancy Documents: Copies of current tenancy agreements if applicable

6. Property Condition Report: Detailed report on property condition at time of agreement

7. Required Consents: Copies of relevant consents from authorities or third parties

8. Outstanding Charges: Details of any outstanding charges, fees, or assessments

Authors

Alex Denne

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

Relevant Industries

Real Estate

Property Development

Banking and Finance

Legal Services

Construction

Property Management

Investment

Housing Development

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Property Management

Sales

Compliance

Finance

Operations

Business Development

Investment

Risk Management

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Executive

Property Manager

Bank Manager

Legal Counsel

Property Developer

Investment Manager

Real Estate Director

Compliance Officer

Property Valuer

Sales Manager

Contract Administrator

Transaction Manager

Land Administrator

Industries
National Land Code 1965: The fundamental land law in Malaysia that governs all matters related to land ownership, transfer, and registration. It provides the legal framework for property transactions and requirements for valid land transfers.
Contracts Act 1950: Governs the formation and enforcement of contracts in Malaysia, including property sale agreements. It sets out requirements for valid contracts, including offer, acceptance, consideration, and capacity to contract.
Housing Development (Control and Licensing) Act 1966: Regulates residential property development and sales, including mandatory provisions in sale and purchase agreements for residential properties.
Stamp Act 1949: Determines the stamp duty rates and requirements for property transactions. All property transfer documents must be properly stamped to be legally admissible.
Strata Titles Act 1985: Relevant if the property is a strata property (apartments, condominiums). Governs the subdivision of buildings into parcels and management of strata properties.
Real Property Gains Tax Act 1976: Imposes tax on gains from the disposal of real properties. Must be considered when structuring the sale agreement to properly address tax implications.
Law Reform (Marriage and Divorce) Act 1976: Relevant if the property being sold is matrimonial property, as spousal consent may be required for the sale.
Guidelines on Foreign Investment in Real Property: State-specific guidelines that regulate property purchases by foreign buyers, including minimum purchase prices and types of properties that can be bought by foreigners.
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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