The Offer To Purchase Real Estate Form is a crucial document in Malaysian property transactions, serving as the initial formal step in the property acquisition process. It is used when a prospective buyer wishes to formalize their intention to purchase a property, whether residential, commercial, or industrial. The document must comply with Malaysian legal requirements, particularly the National Land Code 1965, Contracts Act 1950, and relevant property regulations. It typically includes comprehensive details about the property, proposed purchase price, payment terms, conditions precedent (such as loan approval), due diligence requirements, and completion timeline. For foreign buyers, additional provisions addressing Foreign Investment Committee requirements may be necessary. The document becomes legally binding upon acceptance by the vendor, subject to the fulfillment of stated conditions.
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1. Parties: Details of the prospective purchaser (offeror) and property owner (offeree), including full legal names, identification numbers, and addresses
2. Background: Brief context of the offer to purchase, including property viewing confirmation and intention to purchase
3. Definitions: Key terms used in the document including 'Property', 'Purchase Price', 'Deposit', 'Completion Date' and other relevant terms
4. Property Details: Complete legal description of the property including lot number, title details, land area, and property address as per the National Land Code requirements
5. Purchase Price: The offered purchase price in Malaysian Ringgit (MYR) stated in both numbers and words
6. Payment Terms: Structure of payment including deposit amount, payment schedule, and balance payment details
7. Due Diligence Period: Timeframe and terms for conducting property and title searches, obtaining valuation reports, and other necessary investigations
8. Conditions Precedent: Essential conditions that must be fulfilled before the sale can proceed, such as bank loan approval
9. Completion Timeline: Proposed timeline for completing the purchase, including key milestones and final completion date
10. Property State and Condition: Declaration of the expected condition of the property upon handover
11. Default Provisions: Consequences and remedies in case either party defaults on their obligations
12. Acceptance Period: Validity period of the offer and method of acceptance
1. Foreign Ownership Approval: Required when the purchaser is a foreign national, detailing the requirement for FIC approval
2. Strata Title Provisions: Included for apartments or condominiums, addressing maintenance fees, sinking funds, and by-laws
3. Tenancy Details: Required if the property is currently tenanted, addressing existing tenancy agreements
4. Renovation Conditions: Include when purchaser plans immediate renovations, detailing allowed scope and conditions
5. Property Management Obligations: For properties within managed communities, detailing ongoing management fees and obligations
6. GST/Tax Provisions: Specific tax-related provisions if applicable to the transaction
7. Vehicle Parking Assignment: For properties with designated parking spaces, detailing specific assignments and rights
1. Schedule A - Property Details: Detailed legal description of the property including title particulars, encumbrances, and caveats
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms, amounts, and due dates
3. Schedule C - Inventory List: List of fixtures, fittings, and other items included in the purchase
4. Schedule D - Special Conditions: Any special terms or conditions agreed between parties
5. Appendix 1 - Property Photos: Recent photographs of the property documenting current condition
6. Appendix 2 - Floor Plans: Approved building plans and floor layouts
7. Appendix 3 - Land Title Search: Recent land title search results showing ownership and encumbrances
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Banking and Finance
Legal Services
Construction
Property Investment
Property Management
Urban Planning
Hospitality
Retail
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Corporate Services
Investment
Operations
Contract Administration
Due Diligence
Business Development
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Property Developer
Investment Manager
Property Manager
Real Estate Broker
Compliance Officer
Contract Manager
Property Acquisition Manager
Real Estate Investment Director
Legal Director
Corporate Counsel
Real Estate Portfolio Manager
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