A Letter of Reservation is a crucial preliminary document in Malaysian property transactions, commonly used in both residential and commercial property sectors. This document is typically issued when a potential purchaser expresses serious interest in a property but requires time to arrange financing or conduct due diligence. The Letter of Reservation serves as a formal acknowledgment of the developer's or owner's agreement to temporarily withdraw the property from the market, usually in exchange for a reservation fee. It must comply with Malaysian property laws, particularly the Housing Development (Control and Licensing) Act 1966 and related regulations, which govern property transactions and protect buyers' interests. The document includes essential details such as property specifications, reservation period, fee amount, and conditions for converting the reservation into a sale or obtaining a refund.
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1. Date and Reference Number: Current date and unique reference number for the reservation
2. Property Owner/Developer Details: Complete details of the property owner or development company, including registration number and address
3. Prospective Purchaser Details: Full name, identification number, and contact details of the person making the reservation
4. Property Details: Specific details of the property being reserved, including address, lot number, and basic specifications
5. Reservation Amount: The amount of reservation fee paid and payment details
6. Reservation Period: Duration for which the property will be reserved
7. Basic Terms: Fundamental terms of the reservation including refund conditions and conversion to sale
8. Acknowledgment: Statement confirming understanding of terms and conditions
1. Development Project Details: Additional information about the development project, required when the property is part of an ongoing development
2. Special Conditions: Any special terms or conditions specific to this reservation
3. Financing Clause: Terms related to financing arrangements, if applicable
4. Marketing Package Details: Information about any promotional packages or special offers included
5. Witness Section: Space for witness details and signatures, if required by local practice
1. Property Description Schedule: Detailed description of the property including floor plans, specifications, and inclusions
2. Payment Schedule: Breakdown of payment terms including reservation fee, deposit, and payment milestones
3. Documentation Checklist: List of documents required from the purchaser for the reservation and subsequent sale
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