The Memorandum of Contract of Sale is a fundamental document in Malaysian property transactions, utilized when parties have agreed to the sale and purchase of real property but before the final transfer is executed. This document is essential in both residential and commercial property transactions in Malaysia, providing a comprehensive framework for the sale agreement. It includes crucial details such as property description, purchase price, payment terms, conditions precedent, and completion requirements. The memorandum must comply with Malaysian property laws, including the National Land Code 1965 and the Contracts Act 1950, and requires proper stamping under the Stamp Act 1949. It serves as a vital intermediate step between the initial offer and the final property transfer, protecting both parties' interests and ensuring legal compliance throughout the transaction process.
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1. Parties: Identification of the Vendor and Purchaser with full names, identification numbers, and addresses
2. Background: Context of the sale, including brief description of the property and intention to sell/purchase
3. Definitions: Definitions of key terms used throughout the document
4. Property Details: Comprehensive description of the property including title details, lot number, and property address
5. Purchase Price: Agreed purchase price and payment terms including deposit and balance payment schedule
6. Completion: Conditions and timing for completion of the sale
7. Vendor's Obligations: Obligations of the seller including delivery of vacant possession and documentation
8. Purchaser's Obligations: Obligations of the buyer including payment terms and due diligence responsibilities
9. Conditions Precedent: Conditions that must be fulfilled before the sale becomes unconditional
10. Representations and Warranties: Standard warranties about the property's condition and ownership
11. Default Provisions: Consequences of default by either party
12. Governing Law: Confirmation that Malaysian law governs the agreement
13. Execution: Signature blocks and execution formalities
1. Strata Title Provisions: Required if the property is a stratified property such as an apartment or condominium
2. Third Party Consent: Required if the property sale needs consent from authorities or other parties
3. Property Management: Required for properties within managed communities or buildings
4. Tenancy Provisions: Required if the property is currently tenanted
5. Bank Consent: Required if the property has an existing charge or mortgage
6. Special Conditions: For any unique requirements specific to the transaction
7. GST/Tax Provisions: Required if there are specific tax implications to be addressed
1. Property Schedule: Detailed description of the property including exact measurements and boundaries
2. Payment Schedule: Detailed breakdown of payment terms, installments, and due dates
3. Inventory List: List of fixtures and fittings included in the sale
4. Title Documents: Copies of relevant title documents and land searches
5. Property Disclosure: Disclosure of known defects or material facts about the property
6. Completion Requirements: Checklist of documents required for completion
7. Form 14A: Statutory transfer form under the National Land Code (if applicable)
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