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Commercial Property Sale Agreement

Commercial Property Sale Agreement Template for Malaysia

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Key Requirements PROMPT example:

Commercial Property Sale Agreement

"I need a Commercial Property Sale Agreement for a three-story office building in Kuala Lumpur's Golden Triangle area, with existing tenants who will remain after the sale, targeting completion by March 2025."

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Document background
The Commercial Property Sale Agreement is a fundamental legal document used in Malaysian real estate transactions for the transfer of commercial property ownership. This agreement is essential when any business entity or individual wishes to purchase or sell commercial real estate in Malaysia, whether it's office space, retail units, industrial property, or other commercial premises. The document must comply with Malaysian law, particularly the National Land Code 1965, Contracts Act 1950, and various other property-related regulations. It includes crucial elements such as property details, purchase price, payment terms, conditions precedent, warranties, and completion requirements. The agreement also addresses specific Malaysian requirements such as foreign investment restrictions, stamp duty obligations, and local authority compliance.
Suggested Sections

1. Parties: Identification and details of the Vendor and Purchaser, including registration numbers for companies or NRIC for individuals

2. Background: Recitals explaining the context of the sale and basic information about 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

5. Property Details: Detailed description of the property including title particulars and encumbrances

6. Payment Terms: Structure and timing of payments, including deposit and completion amounts

7. Conditions Precedent: Conditions that must be fulfilled before completion of the sale

8. Vendor's Obligations: Responsibilities and warranties of the vendor including title guarantee

9. Purchaser's Obligations: Responsibilities of the purchaser including payment obligations

10. Completion: Completion procedures, timing, and requirements

11. Default: Consequences of default by either party

12. Representations and Warranties: Statements of fact and promises by both parties

13. Notices: Process for serving notices between parties

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

Optional Sections

1. Existing Tenancies: Required when the property is subject to existing tenancy agreements

2. Development Obligations: Needed when the property is subject to development requirements or restrictions

3. Foreign Investment Approval: Required when the purchaser is a foreign entity

4. GST/Tax Provisions: Detailed tax provisions if the transaction is subject to GST

5. Environmental Matters: Required when there are environmental concerns or obligations

6. Planning Permissions: Needed when specific planning permissions affect the property

7. Service Contracts: Required when existing service contracts are to be transferred

8. Condition of Property: Detailed provisions about property condition if sold as-is

Suggested Schedules

1. Property Schedule: Detailed property description, including lot number, title details, and land area

2. Payment Schedule: Detailed breakdown of payment terms and timeline

3. Inventory List: List of fixtures, fittings, and other items included in the sale

4. Title Particulars: Copy of land title and relevant title documents

5. Existing Tenancy Schedule: Details of any existing tenancy agreements

6. Outstanding Liabilities: List of any outstanding charges, caveats, or encumbrances

7. Required Approvals: List of necessary approvals and their status

8. Form 14A: Statutory transfer form under the National Land Code

9. Property Plans: Building plans, location plans, and other relevant drawings

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Commercial Property

Retail

Industrial

Office Space

Hospitality

Manufacturing

Warehousing

Banking and Finance

Legal Services

Construction

Property Development

Property Investment

Relevant Teams

Legal

Real Estate

Property Management

Finance

Compliance

Business Development

Facilities Management

Asset Management

Investment

Operations

Risk Management

Relevant Roles

Legal Counsel

Property Manager

Real Estate Director

Commercial Director

Chief Financial Officer

Business Development Manager

Facilities Manager

Asset Manager

Investment Manager

Property Developer

Real Estate Agent

Company Secretary

Compliance Officer

Property Lawyer

Contract Manager

Industries









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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