The Agreement For Advance Payment For Purchase Of House is a crucial document in Malaysian property transactions where buyers need to make advance payments before completing the full purchase. This agreement is particularly relevant in cases involving property under construction, off-plan purchases, or where staged payments are required. It ensures compliance with Malaysian housing development laws and regulations, including the Housing Development (Control and Licensing) Act 1966 and related regulations. The document typically includes detailed provisions about the property, payment terms, completion requirements, and protections for both parties. It's essential for risk management and provides legal security for substantial financial commitments made before property completion.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the agreement, including property purchase intention and advance payment arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Complete description of the property including address, title details, and specifications
5. Purchase Price and Payment Terms: Total purchase price, advance payment amount, and payment schedule
6. Advance Payment Conditions: Terms and conditions governing the advance payment, including purpose and safeguards
7. Seller's Obligations: Responsibilities and commitments of the seller regarding the property and advance payment
8. Buyer's Obligations: Responsibilities and commitments of the buyer regarding payments and compliance
9. Completion Requirements: Conditions and procedures for completing the property purchase
10. Default and Remedies: Consequences and remedies in case of default by either party
11. Governing Law: Specification of Malaysian law as governing law and jurisdiction
1. Construction Status: Required for under-construction properties, detailing construction timeline and specifications
2. Developer's Guarantee: Include when a developer is involved, providing guarantees for property completion
3. Strata Title: Required for apartments or condominiums, detailing strata title arrangements
4. Bank Financing: Include when bank financing is involved in the transaction
5. Insurance: Optional section on property insurance requirements during the interim period
6. Force Majeure: Optional clause for unforeseen circumstances affecting contract performance
7. Assignment: Include if rights under the agreement may be assigned to third parties
1. Property Details Schedule: Detailed description of property including lot number, title details, and exact measurements
2. Payment Schedule: Detailed breakdown of payment terms including advance payment and subsequent payments
3. Property Specifications: Detailed specifications of the property including fixtures and fittings
4. Title Documents: Copies of relevant title documents and encumbrances
5. Due Diligence Results: Results of legal and technical due diligence on the property
6. Completion Checklist: List of documents and actions required for completion
7. Form of Notice: Template notices for various communications under the agreement
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Real Estate Investment
Relevant Teams
Legal
Real Estate
Compliance
Sales
Finance
Risk Management
Property Development
Contract Administration
Relevant Roles
Real Estate Lawyer
Property Developer
Real Estate Agent
Legal Counsel
Compliance Officer
Property Manager
Sales Director
Contract Manager
Finance Manager
Real Estate Investment Manager
Construction Project Manager
Risk Manager
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