The Property Sales Contract Between Seller And Buyer is a fundamental legal document used in Malaysian property transactions to formalize the sale and purchase of real estate. This document is essential when transferring property ownership and must comply with Malaysian property laws, including the National Land Code 1965, Contracts Act 1950, and Stamp Act 1949. The contract is designed to protect both parties' interests by clearly defining the property details, purchase price, payment terms, conditions precedent, and completion requirements. It's commonly used for both residential and commercial property transactions and can be adapted for various scenarios, from simple individual property transfers to complex corporate transactions. The document's structure ensures all necessary legal requirements are met while providing clarity on the rights and obligations of all parties involved.
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1. Parties: Identification and details of the Seller and Buyer, including full names, identification numbers, and addresses
2. Background: Brief context of the transaction and confirmation that the Seller is the registered proprietor of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the property, including the purchase price and property details
5. Payment Terms: Detailed breakdown of payment schedule, deposit amount, and balance payment arrangements
6. Conditions Precedent: Conditions that must be fulfilled before completion of the sale
7. Seller's Obligations: Specific obligations of the Seller including providing clean title and necessary documentation
8. Buyer's Obligations: Specific obligations of the Buyer including payment terms and due diligence responsibilities
9. Completion: Details of the completion process, including timing and requirements for transfer of title
10. Title and Transfer: Provisions regarding the transfer of title and registration process
11. Representations and Warranties: Standard warranties by both parties regarding their capacity and authority to enter into the agreement
12. Default and Termination: Consequences of default by either party and circumstances for termination
13. Costs and Stamp Duty: Allocation of legal costs, stamp duty, and other associated expenses
14. Notices: Process for serving notices between parties
15. Governing Law: Confirmation of Malaysian law as governing law and jurisdiction
1. Vacant Possession: Used when immediate vacant possession is to be given, specifying conditions and timing
2. Tenancy: Required when the property is subject to existing tenancy agreements
3. Renovation and Alterations: Needed when there are specific agreements about existing or planned renovations
4. Car Park: Required for properties with designated parking spaces or rights
5. Strata Title: Necessary for apartments or condominiums under strata title
6. Property Management: Required for properties within managed developments, covering maintenance fees and sinking funds
7. Bank Financing: Added when the purchase is contingent on successful bank financing
8. Special Conditions: For any unique requirements or conditions specific to the transaction
1. Schedule 1 - Property Details: Detailed description of the property including lot number, title details, and exact measurements
2. Schedule 2 - Purchase Price Breakdown: Itemized breakdown of the purchase price and payment schedule
3. Schedule 3 - Inventory List: List of fixtures, fittings, and other items included in the sale
4. Schedule 4 - Title Particulars: Complete details of the property title and any encumbrances
5. Schedule 5 - Completion Documents: List of documents required for completion
6. Appendix A - Property Plans: Floor plans, location maps, and other relevant property drawings
7. Appendix B - Photographs: Current photographs of the property and its condition
8. Appendix C - Relevant Certificates: Copies of relevant certificates such as Certificate of Fitness or strata title
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