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Apartment Purchase Agreement

Apartment Purchase Agreement Template for Malaysia

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Key Requirements PROMPT example:

Apartment Purchase Agreement

"I need an Apartment Purchase Agreement for a new luxury condominium unit in Kuala Lumpur, where I'm the developer selling to a foreign buyer, with completion scheduled for March 2025 and including provisions for premium facilities and services."

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Document background
The Apartment Purchase Agreement is a crucial legal document used in Malaysian property transactions when purchasing residential units in multi-story buildings or developments. This agreement is essential for protecting both the developer's and buyer's interests and must comply with Malaysian housing development laws, particularly the Housing Development (Control and Licensing) Act 1966. The document is used when a buyer intends to purchase an apartment unit from a developer, either during the construction phase or upon completion. It contains detailed provisions about the property specifications, payment terms, completion timeline, defect liability period, and maintenance obligations. The agreement also addresses important aspects such as the issuance of strata title, common facilities usage, and property management matters.
Suggested Sections

1. Parties: Identification of the Vendor/Developer and Purchaser with complete details

2. Background: Context of the sale, including property development details and developer's authority to sell

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

4. Property Description: Detailed description of the apartment unit, including unit number, floor area, and location

5. Purchase Price: Agreement on purchase price and payment structure

6. Payment Terms: Detailed payment schedule and method of payment

7. Completion Period: Timeline for completion and delivery of vacant possession

8. Developer's Obligations: Developer's commitments, including construction specifications and quality standards

9. Purchaser's Obligations: Purchaser's commitments, including payment obligations and compliance requirements

10. Title and Transfer: Provisions regarding strata title issuance and transfer

11. Maintenance and Charges: Terms regarding maintenance fees, sinking fund, and other charges

12. Defect Liability: Defect liability period and related warranties

13. Termination: Circumstances and procedures for termination of the agreement

14. Notices: Procedures for serving notices between parties

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

Optional Sections

1. Foreign Ownership: Required when purchaser is a foreign national, including specific requirements and restrictions

2. Loan Financing: Include when purchaser is obtaining bank financing, with relevant terms and conditions

3. Car Park: Required when parking space is included in the purchase

4. Special Privileges: Include when there are special facilities or privileges included in the purchase

5. Power of Attorney: Required when one party is acting through an attorney

6. Joint Ownership: Include when property is being purchased by multiple owners

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

Suggested Schedules

1. Schedule 1 - Property Details: Detailed technical description of the property including floor plans and specifications

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and due dates

3. Schedule 3 - Specifications: Detailed construction and finishing specifications

4. Schedule 4 - Common Facilities: List and description of common facilities and amenities

5. Schedule 5 - Title Particulars: Details of the master title and strata title particulars

6. Schedule 6 - House Rules: Building management rules and regulations

7. Appendix A - Floor Plan: Detailed floor plan of the unit

8. Appendix B - Location Plan: Site plan showing the location of the unit within the development

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Apartment
Beneficial Owner
Building
Certificate of Completion and Compliance
Common Property
Completion Date
Defect Liability Period
Developer
Development
Disposal
Fixtures and Fittings
Housing Development
Land
Local Authority
Maintenance Charges
Management Corporation
Master Title
Notice
Occupation Certificate
Parcel
Payment Schedule
Property
Purchase Price
Purchaser
Restriction in Interest
Schedule of Parcels
Share Units
Sinking Fund
Specification
Strata Title
Unit
Vacant Possession
Vendor
Working Day
Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Housing Development

Residential Property

Relevant Teams

Legal

Real Estate

Sales

Property Development

Compliance

Project Management

Contract Administration

Property Management

Business Development

Customer Service

Relevant Roles

Property Developer

Real Estate Agent

Property Lawyer

Legal Counsel

Sales Director

Project Manager

Property Manager

Compliance Officer

Contract Manager

Real Estate Manager

Development Director

Sales Executive

Legal Executive

Banking Officer

Property Consultant

Industries
Housing Development (Control and Licensing) Act 1966: Main legislation governing housing development projects and sales in Malaysia, including mandatory provisions for sale and purchase agreements
Strata Titles Act 1985: Regulates the subdivision of buildings into parcels, management of strata properties, and issuance of strata titles
National Land Code 1965: Fundamental law governing land matters in Peninsular Malaysia, including property ownership and transfer regulations
Contracts Act 1950: Basic law governing formation and enforcement of contracts in Malaysia
Stamp Act 1949: Governs the stamp duty payments required for property purchase agreements and related documents
Housing Development (Control and Licensing) Regulations 1989: Detailed regulations supplementing the Housing Development Act, including standard forms and requirements
Strata Management Act 2013: Provides framework for management and maintenance of stratified properties
Real Property Gains Tax Act 1976: Governs taxation on profits from property disposals
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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