Land Buy Sell Agreement

Land Buy Sell Agreement Template for Malaysia

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Key Requirements PROMPT example:

"I need a Land Buy Sell Agreement for a residential property in Petaling Jaya, Malaysia, with a purchase price of RM 850,000 and completion date set for March 15, 2025; the property is currently unencumbered and will be sold with vacant possession."

Document background

The Land Buy Sell Agreement is a crucial legal instrument in Malaysian property transactions, essential for both residential and commercial property transfers. This document is used when transferring land ownership rights from one party to another, ensuring compliance with the National Land Code 1965 and other relevant Malaysian legislation. The agreement comprehensively covers all aspects of the property transaction, including detailed property description, purchase price, payment terms, conditions precedent, warranties, and completion requirements. It's particularly important in Malaysia where land law is governed by a unique system of land registration and where different rules may apply depending on the property's location (Peninsular Malaysia, Sabah, or Sarawak). The Land Buy Sell Agreement serves as the primary document for protecting both parties' interests and ensuring a legally compliant property transfer.

Suggested Sections

1. Parties: Identification of the Vendor and Purchaser with full names, identification numbers, and addresses

2. Background: Recitals stating the Vendor's ownership of the property and intention to sell, and the Purchaser's intention to buy

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

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

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

6. Conditions Precedent: Conditions that must be fulfilled before the agreement becomes fully effective

7. Vendor's Obligations: Responsibilities and warranties of the seller including title guarantee and property delivery

8. Purchaser's Obligations: Responsibilities of the buyer including payment obligations and due diligence

9. Completion: Requirements and procedures for completing the sale including documentation and timing

10. Default Provisions: Consequences of default by either party and remedies available

11. Notices: Method and addresses for serving notices between parties

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

Optional Sections

1. Existing Tenancies: Details of any existing tenancies if the property is currently leased

2. Bank Consent: Required if the property has an existing charge/mortgage that needs to be discharged

3. Development Order: Included if the property is part of an ongoing development project

4. Strata Title: Required for apartments or condominiums where strata title is involved

5. Native Land Provisions: Required if the land is native title land in Sabah or Sarawak

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

7. Property Management: Required if there are maintenance fees or sinking fund contributions

8. GST Provisions: Required if the transaction is subject to Goods and Services Tax

Suggested Schedules

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

2. Schedule 2 - Payment Schedule: Breakdown of payment terms including deposit, progressive payments, and completion payment

3. Schedule 3 - Title Particulars: Copy of land title and any relevant endorsements

4. Schedule 4 - Property Inventory: List of fixtures and fittings included in the sale

5. Appendix A - Property Plans: Copy of approved building plans or land survey plans

6. Appendix B - Due Diligence Documents: Copies of relevant searches, approvals, and certificates

7. Appendix C - Form 14A: Prescribed transfer form under the National Land Code

8. Appendix D - Power of Attorney: If applicable, power of attorney documentation

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

Banking and Finance

Construction

Agriculture (for agricultural land)

Commercial Property

Residential Property

Industrial Property

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Property Management

Corporate Affairs

Compliance

Finance

Investment

Operations

Business Development

Risk Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Property Developer

Land Officer

Corporate Lawyer

Conveyancing Executive

Property Investment Manager

Bank Manager

Legal Counsel

Company Director

Property Acquisition Manager

Real Estate Investment Analyst

Development Director

Compliance Officer

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