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Shop Sale Agreement Template for Malaysia

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Key Requirements PROMPT example:

Shop Sale Agreement

"I need a Shop Sale Agreement for the purchase of a corner lot retail space in Kuala Lumpur's business district, with existing tenants who will continue their lease after the sale completes in March 2025."

Document background
The Shop Sale Agreement is a crucial legal document used in Malaysian commercial property transactions when transferring ownership of shop premises from a vendor to a purchaser. This document is essential for both individual and corporate transactions in Malaysia, requiring compliance with various regulations including the National Land Code 1965, Contracts Act 1950, and local authority requirements. The agreement comprehensively covers all aspects of the sale, including property description, purchase price, payment terms, conditions precedent, and obligations of both parties. It also addresses commercial considerations such as existing tenancies, business licenses, and fixtures. The Shop Sale Agreement must be properly stamped under the Stamp Act 1949 and may require additional provisions if the property is part of a strata development.
Suggested Sections

1. Parties: Identification of the Vendor and Purchaser with full details including registration numbers for companies

2. Background: Brief context of the transaction and property details

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

4. Sale and Purchase: Core agreement for the sale and purchase of the shop, including the purchase price

5. Property Description: Detailed description of the shop property including lot number, floor area, and boundaries

6. Payment Terms: Structure and timeline of payments, including deposit and completion payments

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

8. Vendor's Obligations: Responsibilities and warranties of the vendor

9. Purchaser's Obligations: Responsibilities and commitments of the purchaser

10. Completion: Requirements and procedures for completion of the sale

11. Title and Transfer: Provisions regarding transfer of title and registration

12. Default: Consequences and remedies in case of default by either party

13. Notices: Method and addresses for serving notices

14. Governing Law: Specification of Malaysian law as governing law and jurisdiction

Optional Sections

1. Existing Tenancies: Required if the shop is currently tenanted - details of existing lease agreements

2. Business Licenses: Required if specific business licenses are being transferred as part of the sale

3. Equipment and Fixtures: Required if the sale includes specific equipment or fixtures

4. Environmental Matters: Required if there are specific environmental considerations or compliance requirements

5. Employees: Required if the sale includes transfer of employees

6. Intellectual Property: Required if any intellectual property rights are being transferred

7. Non-Competition: Optional clause restricting vendor from competing in the same business/area

8. Strata Title Provisions: Required if the property is part of a strata development

Suggested Schedules

1. Property Schedule: Detailed description of the property including certified plans and measurements

2. Inventory Schedule: List of fixtures, fittings, and equipment included in the sale

3. Payment Schedule: Detailed breakdown of payment terms and timeline

4. Title Particulars: Copy of land title or strata title particulars

5. Existing Tenancy Schedule: Details of current tenancy agreements if applicable

6. Business Licenses Schedule: List and copies of all relevant business licenses

7. Outstanding Liabilities Schedule: List of any outstanding charges, mortgages, or encumbrances

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

Relevant legal definitions



































Clauses




































Relevant Industries

Retail

Commercial Real Estate

Food & Beverage

Professional Services

Healthcare

Fashion & Apparel

Electronics & Technology

Banking & Finance

Legal Services

Property Development

Relevant Teams

Legal

Real Estate

Commercial

Finance

Operations

Compliance

Risk Management

Business Development

Property Management

Corporate Secretarial

Relevant Roles

Legal Counsel

Property Manager

Real Estate Director

Commercial Director

Business Development Manager

Compliance Officer

Finance Manager

Operations Manager

Property Developer

Retail Manager

Business Owner

Company Secretary

Contract Administrator

Risk 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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