Apartment Agreement Of Sale

Apartment Agreement Of Sale Template for Malaysia

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Key Requirements PROMPT example:

"I need an Apartment Agreement of Sale for a fully furnished 3-bedroom apartment in Kuala Lumpur, with completion scheduled for March 2025, including provisions for a bank loan and defects liability period."

Document background

The Apartment Agreement of Sale is a crucial document used in Malaysian property transactions for the transfer of apartment units. It is essential when selling or purchasing any residential apartment or condominium unit in Malaysia, whether it's a new property from a developer or a secondary market transaction. The agreement must comply with various Malaysian legislations, including the National Land Code 1965, Strata Titles Act 1985, and Housing Development (Control and Licensing) Act 1966. It contains detailed information about the property, parties involved, purchase price, payment terms, completion timeline, and respective obligations of the vendor and purchaser. This document is particularly important in Malaysia's property market due to the specific legal requirements for strata properties and the need to protect both buyers' and sellers' interests in property transactions.

Suggested Sections

1. Parties: Identification and details of the Vendor and Purchaser

2. Background: Context of the sale and brief description 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 at the agreed price

5. Purchase Price: Details of the purchase price and payment schedule

6. Property Details: Comprehensive description of the apartment unit and share in common property

7. Title and Ownership: Details regarding the strata title and ownership transfer

8. Completion: Terms and conditions for completion of the sale

9. Vendor's Obligations: Responsibilities and warranties of the seller

10. Purchaser's Obligations: Responsibilities and commitments of the buyer

11. Conditions Precedent: Conditions that must be fulfilled before completion

12. Default and Termination: Consequences of default and termination provisions

13. Notices: Process for serving notices between parties

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

Optional Sections

1. Loan and Financial Arrangements: Details of mortgage or financing arrangements, used when purchaser requires financing

2. Vacant Possession: Terms for delivering vacant possession, used for completed properties

3. Construction and Completion: Construction details and timeline, used for under-construction properties

4. Defects Liability: Defect warranty terms, particularly relevant for new or recently completed properties

5. Maintenance Charges: Details of maintenance fees and sinking fund, used when these are pre-agreed

6. Special Conditions: Any unique terms specific to the transaction

7. Assignment Rights: Terms for assignment of rights, used when relevant to the transaction

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the property including floor plan and built-up area

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and due dates

3. Schedule 3 - Specifications: Details of property specifications, fixtures, and fittings

4. Schedule 4 - Title Particulars: Complete details of the strata title or master title

5. Schedule 5 - Common Property: Description of common facilities and shared areas

6. Appendix A - Floor Plan: Architectural plans of the apartment unit

7. Appendix B - Location Plan: Site plan showing the location of the unit within the development

8. Appendix C - Inventory List: List of fixtures, fittings, and furnishings included in the sale

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Legal Services

Financial Services

Construction

Property Management

Banking

Housing Development

Relevant Teams

Legal

Real Estate

Sales

Compliance

Property Management

Corporate Services

Contract Administration

Risk Management

Customer Relations

Business Development

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Property Manager

Sales Director

Property Developer

Bank Manager

Mortgage Officer

Compliance Officer

Real Estate Manager

Property Valuer

Contract Administrator

Legal Executive

Property Consultant

Housing Development Officer

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