For Sale By Owner House Contract Template for Malaysia

The For Sale By Owner House Contract is designed for use in Malaysia when property owners wish to sell their residential property directly to buyers without engaging real estate agents. This approach can potentially save on commission fees but requires careful attention to legal compliance. The document must adhere to Malaysian property law, including the National Land Code 1965, Contracts Act 1950, and relevant state-specific regulations. It includes comprehensive provisions for property transfer, payment terms, warranties, and completion requirements, while ensuring all mandatory Malaysian legal requirements are met. This contract type is particularly relevant in the current digital age where more property owners are comfortable handling their own property transactions, though it's advisable to still have legal review of the final agreement.

1. Parties: Identification and details of the seller and purchaser

2. Background: Context of the sale and brief description of the property

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

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

5. Purchase Price: Agreed purchase price and payment terms including deposit and completion amounts

6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default

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

8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, condition, and encumbrances

9. Purchaser's Representations and Warranties: Purchaser's declarations regarding financial capacity and understanding of property condition

10. Completion: Requirements and procedures for completing the sale

11. Title and Transfer: Provisions regarding transfer of title and registration requirements

12. Vacant Possession: Terms for delivering vacant possession of the property

13. Default and Termination: Consequences of default and circumstances for termination

14. Costs and Stamp Duty: Allocation of transaction costs and stamp duty responsibilities

15. Notices: Method and addresses for serving notices between parties

16. Governing Law: Specification of Malaysian law as governing law and jurisdiction

17. Execution: Signature blocks and execution requirements