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The Owner Finance Contract is utilized in Malaysia when traditional bank financing is not the preferred or available option for property purchase. This arrangement allows property owners to sell their property while acting as the financier, creating a direct financial relationship with the purchaser. The document must comply with Malaysian property and contract laws, including the National Land Code 1965, Contracts Act 1950, and relevant financial regulations. It typically includes comprehensive terms covering property details, purchase price, financing terms, security arrangements, maintenance responsibilities, and default provisions. This type of contract is particularly useful in situations where buyers may not qualify for traditional bank loans or when sellers prefer to earn interest income while selling their property.

1. Parties: Identification of the Owner-Financier and the Purchaser-Borrower with complete details

2. Background: Context of the transaction, including property ownership status and intention to enter owner-financing arrangement

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

4. Property Details: Complete description of the property including title details, location, and specifications

5. Purchase Price and Payment Terms: Total purchase price, down payment, loan amount, interest rate, and payment schedule

6. Security Arrangements: Details of the security interest retained by the owner including charge/lien on the property

7. Transfer of Title: Conditions and process for eventual transfer of property title upon full payment

8. Insurance Requirements: Mandatory insurance coverage for the property and payment protection

9. Maintenance and Repairs: Responsibilities for property maintenance during the financing period

10. Default and Remedies: Consequences of default and available remedies for both parties

11. Property Use and Restrictions: Permitted and restricted uses of the property during the financing period

12. Taxes and Assessments: Responsibility for property taxes and other assessments

13. Representations and Warranties: Standard representations and warranties from both parties

14. Governing Law and Jurisdiction: Malaysian law as governing law and jurisdiction for disputes

15. Notices: Process and addresses for formal communications between parties