¶¶Òõ¶ÌÊÓƵ

The For Sale By Owner Purchase Agreement is a comprehensive legal document used in Malaysia when property owners choose to sell their property directly to buyers without engaging a real estate agent. This approach can reduce transaction costs but requires careful attention to legal requirements. The document must comply with Malaysian property law, including the National Land Code 1965, Contracts Act 1950, and Stamp Act 1949. It includes crucial details such as property specifications, payment terms, conditions precedent, warranties, and completion requirements. This agreement is particularly relevant in private property transactions where parties prefer direct negotiations while ensuring legal protection for both seller and buyer. It must address specific Malaysian requirements for property transfer, including proper documentation for the Land Office and consideration of any restrictions on foreign ownership if applicable.

1. Parties: Identification and details of the Seller and Purchaser, including full names, identification numbers, and addresses

2. Background: Brief context of the transaction and confirmation of Seller's ownership and right to sell

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property including lot number, title details, and exact address

5. Purchase Price: Agreed purchase price and payment structure, including deposit and balance payment terms

6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default

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

8. Seller's Warranties: Warranties regarding property ownership, encumbrances, and condition

9. Purchaser's Warranties: Warranties regarding financial capacity and compliance with relevant laws

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

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

12. Vacant Possession: Terms for delivering vacant possession of the property

13. Default and Termination: Consequences of default and termination rights

14. Notices: Process for serving notices between parties

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