Real Estate Contract Template for Malaysia

The Real Estate Contract serves as the primary legal instrument for property transactions in Malaysia, essential for both residential and commercial property transfers. It is designed to comply with Malaysian property laws, including the National Land Code 1965, Contracts Act 1950, and state-specific regulations. This document is used when transferring property ownership, whether for individual homes, commercial buildings, or land parcels. It contains crucial elements such as property details, purchase price, payment terms, conditions precedent, and completion requirements. The contract accommodates various transaction types while ensuring compliance with local requirements such as foreign ownership restrictions, state authority consent requirements, and proper registration procedures at local land offices. It provides comprehensive protection for both vendors and purchasers while maintaining adherence to Malaysian legal standards and property transfer protocols.

1. Parties: Identification of the vendor(s) and purchaser(s) with full legal names, identification numbers, and addresses as required by Malaysian law

2. Background: Context of the transaction including brief property description and intention to sell/purchase

3. Definitions: Definitions of key terms used throughout the agreement, including statutory terms from Malaysian property laws

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

5. Purchase Price: Agreed purchase price, payment terms, and deposit requirements in accordance with Malaysian banking regulations

6. Payment Terms: Detailed payment schedule, including deposit, progressive payments if applicable, and completion payment

7. Conditions Precedent: Conditions that must be fulfilled before completion, including property and title searches

8. Vendor's Obligations: Responsibilities of the vendor including delivering vacant possession and ensuring clean title

9. Purchaser's Obligations: Responsibilities of the purchaser including payment obligations and due diligence requirements

10. Completion: Details of the completion process, including timing, location, and documentation requirements

11. Title and Transfer: Provisions regarding transfer of title and registration process at the land office

12. Representations and Warranties: Standard warranties about property ownership, encumbrances, and condition

13. Default and Termination: Consequences of default by either party and termination provisions

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