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Mortgage Sale Agreement

Mortgage Sale Agreement Template for Malaysia

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Key Requirements PROMPT example:

Mortgage Sale Agreement

"I need a Mortgage Sale Agreement for a residential property in Kuala Lumpur, with conventional bank financing covering 80% of the RM 1.2 million purchase price, with completion scheduled for March 15, 2025."

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Document background
The Mortgage Sale Agreement is a crucial document in Malaysian property transactions that combines the sale and financing aspects of a property purchase into a single comprehensive agreement. It is primarily used when a property purchase requires mortgage financing, whether through conventional or Islamic banking channels. The document must comply with various Malaysian legislation, including the National Land Code 1965, Financial Services Act 2013, and where applicable, the Islamic Financial Services Act 2013. It includes detailed provisions about the property transfer, purchase price, payment terms, mortgage conditions, and security arrangements. The agreement is particularly important in the Malaysian context due to the country's dual banking system and specific property law requirements, making it essential for both residential and commercial property transactions.
Suggested Sections

1. Parties: Identification of the Seller, Purchaser, and Financier/Bank

2. Background: Context of the transaction, including brief property description and purpose of the agreement

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

4. Sale and Purchase: Core terms of the property sale including purchase price and payment terms

5. Property Details: Detailed description of the property and its encumbrances

6. Mortgage Terms: Terms and conditions of the mortgage including interest rate, repayment period, and security

7. Representations and Warranties: Statements and guarantees made by each party

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

9. Completion: Process and requirements for completing the transaction

10. Default and Remedies: Consequences and remedies in case of default

11. Covenants: Ongoing obligations of the parties

12. Notices: How formal communications between parties should be made

13. General Provisions: Standard legal provisions including governing law, severability, and entire agreement

Optional Sections

1. Islamic Finance Provisions: Required when the mortgage follows Islamic banking principles

2. Developer's Consent: Required when the property is still under developer's control or restriction

3. Joint Owners: Required when there are multiple owners or purchasers

4. Power of Attorney: Required when any party is acting through an attorney

5. Strata Title Provisions: Required for apartments or condominiums under strata title

6. Insurance: Detailed insurance requirements beyond standard mortgage insurance

7. Renovation and Alterations: Required when specific renovation terms need to be included

8. Assignment of Rental Income: Required when rental income is assigned as additional security

Suggested Schedules

1. Property Schedule: Detailed property description, including title details and encumbrances

2. Payment Schedule: Breakdown of purchase price payments and payment milestones

3. Mortgage Payment Schedule: Amortization schedule showing loan payments

4. Condition Report: Current condition of the property and any defects

5. Included Fixtures and Fittings: List of items included in the sale

6. Form of Transfer: Prescribed form for property transfer under National Land Code

7. Required Consents: List of necessary consents and approvals

8. Completion Documents: List of documents required for completion

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

Banking and Financial Services

Real Estate

Property Development

Legal Services

Islamic Banking

Construction

Housing Development

Property Investment

Relevant Teams

Legal

Real Estate

Mortgage Services

Compliance

Risk Management

Credit Assessment

Property Management

Islamic Banking

Sales

Documentation

Relevant Roles

Legal Counsel

Property Lawyer

Banking Lawyer

Real Estate Manager

Mortgage Officer

Property Developer

Compliance Officer

Bank Manager

Real Estate Agent

Property Investment Manager

Islamic Banking Officer

Title Officer

Risk Manager

Credit Assessment Officer

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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