The Cancellation Of Condominium Contract is a crucial document used in Malaysian real estate transactions when parties mutually agree or are legally required to terminate their existing Sale and Purchase Agreement. This document becomes necessary in various situations, such as when the purchaser is unable to secure financing, when there are material breaches of the original contract, or when both parties mutually agree to terminate the transaction. The agreement must comply with Malaysian property laws, including the Contracts Act 1950, Strata Management Act 2013, and Housing Development regulations. It typically includes provisions for the refund of payments, release of obligations, return of documents, and settlement of costs. The document protects both parties' interests by clearly documenting the termination terms and ensuring legal compliance with local property transaction requirements.
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1. Parties: Identification of the Seller/Developer and Buyer/Purchaser with full legal names and details
2. Background: Details of the original Sale and Purchase Agreement, including date of execution, property details, and purchase price
3. Definitions: Definitions of key terms used in the cancellation agreement
4. Cancellation: Express agreement to cancel the original contract and the effective date of cancellation
5. Financial Settlement: Details of any refund of purchase price, deposit, or other payments, including payment timeline
6. Mutual Release: Mutual release of all claims, rights, and obligations under the original contract
7. Return of Documents: Requirements for return of original documentation, keys, or other property-related items
8. Costs: Allocation of costs related to the cancellation, including legal fees and stamp duty
9. Governing Law: Confirmation that the agreement is governed by Malaysian law
10. Execution: Signing requirements and execution formalities
1. Confidentiality: Terms regarding confidentiality of the cancellation and its terms, used when parties want to keep the details private
2. Compensation: Additional compensation terms beyond basic refund, used when there's agreement for damages or other payments
3. Third Party Rights: Provisions regarding rights of third parties such as banks or guarantors, used when there are existing loans or guarantees
4. Reinstatement: Terms for reinstating the original contract under specific conditions, used when parties want to keep this option open
5. Dispute Resolution: Specific dispute resolution procedures, used when parties want to specify mediation or arbitration processes
1. Schedule 1 - Property Details: Detailed description of the condominium unit including unit number, floor area, and share in common property
2. Schedule 2 - Original Contract Details: Key details from the original Sale and Purchase Agreement including date, price, and payment history
3. Schedule 3 - Financial Statement: Detailed breakdown of payments made, refunds due, and any deductions
4. Appendix A - Required Documents: List of documents to be returned or cancelled as part of the termination process
5. Appendix B - Execution Requirements: Specific requirements for proper execution including witnessing and attestation requirements
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