Earnest Money Form Template for Malaysia

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Key Requirements PROMPT example:

Earnest Money Form

"I need an Earnest Money Form for a residential property purchase in Kuala Lumpur, with a 2% deposit (RM 20,000) and a financing contingency clause, targeting completion by March 2025."

Document background

The Earnest Money Form is a crucial document in Malaysian property transactions that serves as a preliminary agreement between buyer and seller. It is typically used after initial negotiations but before the formal sale and purchase agreement is executed. The form documents the buyer's good faith commitment through a deposit payment, usually 2-3% of the purchase price in Malaysian practice. The document must comply with Malaysian contract law, particularly the Contracts Act 1950, and relevant state-level property regulations. It should clearly specify the deposit amount, payment terms, conditions for return or forfeiture, and how the earnest money will be applied to the final purchase price. This document is essential for protecting both parties' interests and typically precedes the more detailed sale and purchase agreement.

Suggested Sections

1. Parties: Identification of the buyer (depositor) and seller (recipient) including full legal names, identification numbers, and addresses

2. Background: Brief context of the transaction, including the intent to purchase the property and purpose of the earnest money deposit

3. Definitions: Key terms used in the agreement including 'Earnest Money', 'Property', 'Purchase Price', and 'Closing Date'

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

5. Earnest Money Amount and Payment: Specification of the deposit amount, payment method, and when it must be paid

6. Deposit Terms: Details of how the earnest money will be held, including escrow arrangements if applicable

7. Purchase Terms: Basic terms of the intended purchase including total purchase price and expected closing date

8. Conditions for Return/Forfeit: Circumstances under which the earnest money will be returned to the buyer or forfeited to the seller

9. Completion of Sale: How the earnest money will be applied to the purchase price upon successful completion

10. Governing Law: Specification that the agreement is governed by Malaysian law

11. Execution: Signature blocks for all parties and witnesses

Optional Sections

1. Due Diligence Period: Used when the buyer requires a specific period to conduct property investigations and searches before proceeding with the purchase

2. Financing Contingency: Include when the buyer's purchase is contingent on obtaining financing, specifying conditions for earnest money return if financing fails

3. Property Inspection: Used when specific inspection requirements need to be met before the agreement becomes binding

4. Multiple Deposits: Include when the earnest money will be paid in multiple installments

5. Dispute Resolution: Optional detailed dispute resolution procedures beyond basic governing law clause

6. Special Conditions: Any unique circumstances or conditions specific to the transaction

Suggested Schedules

1. Property Schedule: Detailed property description including lot boundaries, fixtures, and fittings included in the sale

2. Payment Schedule: If multiple deposits are involved, detailed breakdown of payment amounts and dates

3. Copy of Title: Copy of the property's title or land document details

4. Proof of Payment: Copy of earnest money payment evidence

5. Identification Documents: Copies of parties' identification documents and any corporate documentation if applicable

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Banking & Finance

Legal Services

Construction

Hospitality

Retail

Commercial Property

Industrial Property

Residential Property

Relevant Teams

Legal

Real Estate

Sales

Business Development

Compliance

Property Management

Corporate Affairs

Contract Administration

Finance

Operations

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Executive

Property Developer

Legal Counsel

Corporate Lawyer

Property Manager

Sales Director

Business Development Manager

Contract Administrator

Compliance Officer

Real Estate Broker

Transaction Manager

Property Consultant

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Authors

Alex Denne

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