Document background
The Option To Purchase Form For Private Property is a crucial document in Malaysian real estate transactions that provides potential buyers with exclusive rights to purchase a property while allowing them time to arrange financing and conduct due diligence. This document is typically used when a buyer has serious interest in a property but needs time to secure funding or perform property investigations. It includes essential details such as property specifications, option fee amount, purchase price, option period duration, and exercise procedures. Under Malaysian law, particularly the National Land Code 1965 and Contracts Act 1950, this document creates legally binding obligations between parties and serves as a preliminary step before the final sale and purchase agreement. It's commonly used in both residential and commercial property transactions throughout Malaysia.
