Property Sales Agreement

Property Sales Agreement Template for Malaysia

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Key Requirements PROMPT example:

"I need a Property Sales Agreement for a residential property in Kuala Lumpur, with completion scheduled for March 2025, including provisions for a 10% deposit and progressive payments aligned with construction milestones."

Document background

The Property Sales Agreement is a crucial legal instrument used in Malaysian property transactions to formalize the sale and purchase of real estate. This document is essential when transferring property ownership and must comply with Malaysian property laws, including the National Land Code 1965 and the Contracts Act 1950. It is used for both residential and commercial properties, detailing the rights and obligations of both vendor and purchaser, purchase price, payment terms, property specifications, and completion requirements. The agreement provides legal protection for all parties involved and serves as the primary reference document throughout the property transaction process, from initial agreement to final transfer of ownership.

Suggested Sections

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

2. Background: Context of the sale, including brief property description and intent of parties

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

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

5. Purchase Price: Agreed purchase price and payment terms including deposit and completion amounts

6. Payment Terms: Detailed schedule of payments, including deposit, progressive payments if any, and completion payment

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

8. Vendor's Obligations: Responsibilities and warranties of the seller including providing vacant possession and clear title

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

10. Completion: Process and requirements for completing the sale, including timing and documentation

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

12. Notices: How formal notices between parties should be given and received

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

14. Execution: Signature blocks and execution requirements

Optional Sections

1. Strata Title Provisions: Required for apartments/condominiums, including management corporation rules and maintenance fees

2. Developer's Consent: Required if the property is still under developer's control or has restrictions on sale

3. Bank Consent: Required if the property is currently charged to a bank

4. Tenancy Provisions: Required if the property is currently tenanted

5. GST/Tax Provisions: Detailed tax provisions if applicable to the transaction

6. Foreign Investment Provisions: Required if purchaser is a foreign national or company

7. Property Under Construction: Additional provisions for properties still under construction

8. Real Estate Agent Provisions: Required if transaction involves real estate agents

Suggested Schedules

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

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms and timeline

3. Schedule 3 - Vendor's Title Documents: List of all relevant title documents and encumbrances

4. Schedule 4 - Fixtures and Fittings: Inventory of fixtures and fittings included in the sale

5. Appendix A - Property Plans: Floor plans, location maps, and other relevant property drawings

6. Appendix B - Special Conditions: Any special conditions or variations agreed between parties

7. Appendix C - Form 14A (Transfer Document): Standard land transfer form required under National Land Code

8. Appendix D - Due Diligence Documents: Copies of relevant certificates, permits, and compliance documents

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

Legal Services

Construction

Property Management

Investment

Housing Development

Commercial Property

Relevant Teams

Legal

Real Estate

Property Development

Sales

Compliance

Finance

Investment

Operations

Documentation

Risk Management

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Executive

Property Developer

Bank Manager

Property Valuer

Legal Counsel

Property Manager

Investment Manager

Compliance Officer

Real Estate Investment Director

Property Development Manager

Sales Director

Transaction Manager

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Authors

Alex Denne

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