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Real Estate Contract Termination

Real Estate Contract Termination Template for Malaysia

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Key Requirements PROMPT example:

Real Estate Contract Termination

"I need a Real Estate Contract Termination agreement for a residential property sale in Kuala Lumpur, where both parties have mutually agreed to terminate due to the purchaser's inability to secure financing by March 2025."

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Document background
This Real Estate Contract Termination document is essential in situations where parties need to formally end a property sale and purchase agreement in Malaysia. It is commonly used when either party cannot or chooses not to proceed with the transaction, whether due to breach of contract, mutual agreement, or failure to meet conditions precedent. The document ensures compliance with Malaysian property and contract laws, including the Contracts Act 1950 and National Land Code 1965. It provides comprehensive coverage of termination terms, financial settlements, and mutual releases, protecting all parties' interests during the unwinding of the transaction. This template is particularly relevant for property transactions in both primary and secondary markets, addressing various scenarios from residential to commercial property deals.
Suggested Sections

1. Parties: Identification of all parties involved in the termination agreement, including the original seller and purchaser

2. Background: Recitals detailing the original sale and purchase agreement, relevant dates, and circumstances leading to termination

3. Definitions: Key terms used in the termination agreement, including reference to the original agreement and property details

4. Termination: Express statement of termination and the effective date

5. Grounds for Termination: Specific reasons for termination with reference to relevant clauses in the original agreement or applicable laws

6. Settlement Terms: Details of any refunds, compensation, or payments to be made between parties

7. Release and Discharge: Mutual release of obligations and claims under the original agreement

8. Return of Documents: Requirements for returning original documentation and title deeds

9. Costs: Allocation of costs related to the termination process

10. Governing Law: Confirmation of Malaysian law as the governing law

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Disputed Amounts: Section dealing with any disputed amounts or claims - include when there are unresolved financial matters

2. Third Party Rights: Provisions relating to any third party interests or claims - include when there are mortgages or caveats

3. Confidentiality: Confidentiality obligations - include for high-value or sensitive transactions

4. Tax Implications: Specific provisions dealing with tax consequences - include when there are significant tax considerations

5. Survival Clauses: Provisions that survive termination - include when certain obligations need to continue

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including title particulars

2. Schedule 2 - Original Agreement: Copy or details of the original sale and purchase agreement

3. Schedule 3 - Settlement Calculation: Detailed breakdown of all financial settlements, refunds, and deductions

4. Schedule 4 - Timeline: Timeline for completion of termination process and associated actions

5. Appendix A - Supporting Documents: Copies of relevant notices, correspondence, and other supporting documentation

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

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Real Estate Investment

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Contract Administration

Risk Management

Corporate Affairs

Operations

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Contract Administrator

Property Developer

Land Officer

Transaction Manager

Real Estate Investment Manager

Title Officer

Property Acquisition Manager

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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