For Sale By Owner Real Estate Purchase Agreement Template for Malaysia

The For Sale By Owner Real Estate Purchase Agreement is a crucial legal document used in Malaysia when property owners wish to sell their property directly to buyers without engaging real estate agents. This approach can reduce transaction costs but requires careful attention to legal requirements. The document must comply with Malaysian property law, including the National Land Code 1965, Contracts Act 1950, and relevant state-level regulations. It includes essential provisions for property transfer, such as party details, property description, purchase price, payment terms, conditions precedent, and completion requirements. This agreement is particularly relevant in private sales of residential and commercial properties, ensuring all necessary legal safeguards are in place while potentially saving on agent commissions. It must be properly stamped and registered according to Malaysian law to be legally enforceable.

1. Parties: Identification of the seller and buyer with full legal names, identification numbers (NRIC/Passport), and addresses

2. Background: Brief context of the sale and confirmation that the seller owns the property and has the right to sell

3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Completion Date, etc.

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

5. Purchase Price: Agreed purchase price, payment structure, and deposit details

6. Payment Terms: Schedule of payments, method of payment, and timing requirements

7. Conditions Precedent: Essential conditions that must be met before the sale can proceed

8. Completion: Process and requirements for completing the sale, including timing and documentation

9. Seller's Representations and Warranties: Seller's declarations about the property's condition, ownership, and encumbrances

10. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and understanding of the purchase

11. Property Condition: Current state of the property and any agreed repairs or modifications

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

13. Costs and Expenses: Allocation of transaction costs including stamp duty, legal fees, and registration fees

14. Default and Remedies: Consequences and remedies for breach of agreement by either party

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

16. Notices: How formal communications between parties should be made and delivered

17. Execution: Signature requirements and execution formalities