Building Purchase Agreement Template for Malaysia

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Key Requirements PROMPT example:

Building Purchase Agreement

"I need a Building Purchase Agreement for acquiring a three-story commercial building in Kuala Lumpur's business district, with completion scheduled for March 2025 and specific provisions for existing tenant agreements to be transferred to the new owner."

Document background
The Building Purchase Agreement is a crucial legal document used in Malaysian property transactions when transferring ownership of a building between parties. It is essential for both commercial and residential property purchases, incorporating requirements from the National Land Code 1965, Contracts Act 1950, and relevant property legislation. This agreement type is specifically designed to address the unique aspects of Malaysian property law, including title transfer procedures, stamp duty requirements, and local authority compliance. The document covers all essential aspects of the transaction, from property description and purchase price to completion procedures and post-completion obligations. It's particularly important as it serves as the primary evidence of the transaction terms and ensures legal enforceability under Malaysian jurisdiction.
Suggested Sections

1. Parties: Details of the vendor and purchaser, including full legal names, registration numbers for companies, and addresses

2. Background: Context of the transaction, brief description of the property, and purpose of the agreement

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

4. Sale and Purchase: Core agreement for the sale and purchase of the property, including the basic terms

5. Purchase Price: Details of the purchase price and payment structure

6. Property Details: Comprehensive description of the property, including lot number, title details, and built-up area

7. Conditions Precedent: Conditions that must be fulfilled before completion of the purchase

8. Vendor's Obligations: Obligations and warranties of the vendor regarding the property and transaction

9. Purchaser's Obligations: Obligations and commitments of the purchaser

10. Title and Transfer: Provisions regarding property title and transfer procedures

11. Completion: Requirements and procedures for completion of the sale

12. Default and Termination: Consequences of default and termination provisions

13. Notices: Requirements for giving notices under the agreement

14. General Provisions: Standard boilerplate clauses including governing law, entire agreement, etc.

Optional Sections

1. Strata Title Provisions: Required if the property is under strata title, covering management corporation requirements and shared facilities

2. Construction Completion: Required if the building is under construction, including completion timelines and specifications

3. Existing Tenancies: Required if the building has existing tenants, addressing treatment of tenancy agreements

4. Renovation and Alterations: Required if specific renovation permissions or restrictions need to be addressed

5. Property Manager Appointment: Required if a property manager is to be appointed post-purchase

6. Environmental Matters: Required if there are specific environmental concerns or requirements

7. Planning Permissions: Required if future development or change of use is contemplated

8. Vacant Possession: Required if specific provisions for vacant possession need to be addressed

Suggested Schedules

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

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

3. Title Particulars: Complete details of the property title and encumbrances

4. Completion Requirements: Checklist of documents and requirements for completion

5. Vendor's Deliverables: List of items, documents, and keys to be delivered at completion

6. Existing Conditions: Current condition report and inventory of the property

7. Warranties: Specific warranties given by the vendor regarding the property

8. Approved Plans: Building plans and permits approved by relevant authorities

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

Clauses
Relevant Industries

Real Estate

Commercial Property

Residential Property

Construction

Banking and Finance

Property Development

Hospitality

Retail

Industrial

Healthcare

Education

Relevant Teams

Legal

Real Estate

Property Management

Finance

Operations

Compliance

Risk Management

Facilities Management

Project Management

Business Development

Investment

Asset Management

Relevant Roles

Real Estate Manager

Property Development Manager

Legal Counsel

Contracts Manager

Facilities Manager

Property Investment Manager

Chief Financial Officer

Operations Director

Project Manager

Compliance Officer

Risk Manager

Asset Manager

Acquisition Manager

Real Estate Analyst

Property Portfolio 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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