The House Contract serves as the primary legal instrument for residential property transactions in Malaysia. This document is essential when transferring ownership of residential property, whether it's a landed property or stratified unit. The contract must comply with Malaysian property law, including the National Land Code 1965 and Housing Development (Control and Licensing) Act 1966. It typically includes detailed property descriptions, purchase price, payment terms, completion requirements, and both parties' obligations. The House Contract also addresses specific Malaysian requirements such as bumiputera quotas where applicable, and local property registration procedures. It's designed to protect both buyer and seller interests while ensuring smooth property transfer within the Malaysian legal framework.
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1. Parties: Identification and details of the seller and purchaser, including full names, identification numbers, and addresses
2. Background: Context of the sale, brief property description, and intention of parties to enter into the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including lot number, title details, and exact measurements
5. Purchase Price: Agreed purchase price and payment terms including deposit and completion amounts
6. Payment Terms: Detailed payment schedule, method of payment, and consequences of late payment
7. Completion: Conditions for completion, completion date, and delivery of vacant possession
8. Title and Transfer: Conditions regarding transfer of title, encumbrances, and registration requirements
9. Seller's Obligations: Responsibilities of the seller including warranties about the property's condition
10. Purchaser's Obligations: Responsibilities of the purchaser including payment obligations and property inspection
11. Condition of Property: State of the property, existing defects, and agreed repairs if any
12. Default and Termination: Consequences of breach and circumstances allowing termination
13. Governing Law: Specification of Malaysian law as governing law and jurisdiction
14. Notices: Method and addresses for serving notices between parties
1. Tenancy: Required if property is currently tenanted, addressing existing tenancy agreements
2. Renovation: Used when specific renovation works are agreed to be completed before completion
3. Strata Title: Required for apartments/condominiums, addressing maintenance fees and sinking funds
4. Bank Financing: Required when purchase is subject to loan approval
5. Property Management: For properties in managed communities, addressing management rules and fees
6. Joint Ownership: Required when property is being purchased by multiple buyers
7. Special Conditions: Any unique terms specific to the transaction
1. Schedule 1 - Property Description: Detailed property specifications, boundaries, and included fixtures/fittings
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule 3 - Property Documents: List of all title documents, certificates, and permits relating to the property
4. Schedule 4 - Inventory: List of included furnishings and fittings if property is sold furnished
5. Appendix A - Property Plans: Floor plans, location maps, and relevant drawings
6. Appendix B - Photographs: Documentary photographs of property condition at time of agreement
7. Appendix C - Maintenance Records: History of property maintenance and repairs if relevant
Authors
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Real Estate
Legal Services
Financial Services
Property Development
Construction
Banking
Insurance
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Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Finance
Risk Management
Operations
Customer Service
Documentation
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Executive
Bank Manager
Mortgage Officer
Property Developer
Legal Counsel
Property Manager
Compliance Officer
Real Estate Investment Manager
Housing Development Officer
Title Search Specialist
Property Valuer
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