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Holding Deposit Contract

Holding Deposit Contract Template for Malaysia

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Key Requirements PROMPT example:

Holding Deposit Contract

"I need a Holding Deposit Contract for a commercial property purchase in Kuala Lumpur, where my company will place a 100,000 MYR deposit to secure the property until March 2025, with specific clauses for corporate due diligence and anti-money laundering compliance."

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Document background
The Holding Deposit Contract serves as a crucial preliminary agreement in Malaysian property transactions, used when a potential buyer or tenant wishes to secure their interest in a property while finalizing the main transaction. This document is essential in both commercial and residential property dealings throughout Malaysia, providing legal protection for both the deposit holder and the depositor. It typically includes specific provisions compliant with Malaysian contract law, detailing the deposit amount, duration of the holding period, conditions for conversion into a purchase deposit or return of funds, and circumstances under which the deposit may be forfeited. The agreement helps prevent property owners from continuing to market the property while negotiations are ongoing, while also demonstrating the serious intention of the potential buyer or tenant.
Suggested Sections

1. Parties: Identification and details of the property owner/seller and the potential buyer/tenant making the deposit

2. Background: Context of the transaction, including brief description of the property and purpose of the holding deposit

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Deposit Amount: Specification of the holding deposit amount and payment details

5. Purpose of Deposit: Clear statement of what the deposit is securing and the duration of the holding period

6. Main Transaction Details: Overview of the intended primary transaction (e.g., sale or lease) that the deposit is securing

7. Conditions for Return: Circumstances under which the deposit will be returned to the depositor

8. Conditions for Forfeiture: Circumstances under which the deposit may be forfeited to the recipient

9. Timeline and Deadlines: Key dates including deposit payment, holding period, and deadline for main transaction

10. Representations and Warranties: Basic statements of fact and promises made by both parties

11. Governing Law: Specification that Malaysian law governs the agreement

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Anti-Money Laundering Compliance: Required for high-value transactions or when dealing with corporate entities, specifying compliance with AMLA 2001

2. Property Inspection Rights: Include when the depositor needs access to the property during the holding period

3. Third Party Rights: Include when other parties (like banks or guarantors) have interests in the transaction

4. Dispute Resolution: Optional detailed dispute resolution procedures beyond basic court jurisdiction

5. Force Majeure: Include when longer holding periods are contemplated or in complex transactions

6. Assignment Rights: Include when either party might need to transfer their rights under the agreement

7. Confidentiality: Include for high-value or sensitive transactions

Suggested Schedules

1. Property Details: Detailed description of the property including title details, boundaries, and relevant certifications

2. Payment Schedule: Details of how and when the deposit and subsequent payments are to be made

3. Due Diligence Requirements: List of documents and verifications required before the main transaction

4. Property Condition Report: Current condition of the property if relevant to the transaction

5. Required Documents: List of documents required from both parties to complete the transaction

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 Industries

Real Estate

Property Development

Commercial Property

Residential Property

Retail

Industrial

Hospitality

Office Space

Banking and Finance

Legal Services

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Operations

Commercial

Business Development

Asset Management

Transactions

Risk Management

Relevant Roles

Property Manager

Real Estate Agent

Legal Counsel

Contract Manager

Property Developer

Leasing Manager

Compliance Officer

Transaction Manager

Estate Agent

Property Consultant

Commercial Director

Legal Manager

Business Development Manager

Asset Manager

Industries
Contracts Act 1950: Fundamental law governing contract formation, validity, and enforcement in Malaysia. Essential for ensuring the holding deposit agreement meets basic contract requirements including offer, acceptance, consideration, and intention to create legal relations.
National Land Code 1965: Primary legislation governing real property transactions in Peninsular Malaysia. Relevant for understanding property rights and requirements for property-related agreements.
Stamp Act 1949: Governs the stamping requirements for various legal documents including property-related agreements. The holding deposit contract may need proper stamping to be legally enforceable.
Money Services Business Act 2011: Relevant for handling financial transactions and deposits, especially if large sums are involved or if the transaction involves currency exchange.
Civil Law Act 1956: Supplements the Contracts Act with additional provisions on contractual relationships and remedies, particularly relevant for breach of contract scenarios.
Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001: Important for compliance when handling large deposits and ensuring proper documentation of the source of funds.
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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