This Real Estate Contract Termination document is essential in situations where parties need to formally end a property sale and purchase agreement in Malaysia. It is commonly used when either party cannot or chooses not to proceed with the transaction, whether due to breach of contract, mutual agreement, or failure to meet conditions precedent. The document ensures compliance with Malaysian property and contract laws, including the Contracts Act 1950 and National Land Code 1965. It provides comprehensive coverage of termination terms, financial settlements, and mutual releases, protecting all parties' interests during the unwinding of the transaction. This template is particularly relevant for property transactions in both primary and secondary markets, addressing various scenarios from residential to commercial property deals.
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1. Parties: Identification of all parties involved in the termination agreement, including the original seller and purchaser
2. Background: Recitals detailing the original sale and purchase agreement, relevant dates, and circumstances leading to termination
3. Definitions: Key terms used in the termination agreement, including reference to the original agreement and property details
4. Termination: Express statement of termination and the effective date
5. Grounds for Termination: Specific reasons for termination with reference to relevant clauses in the original agreement or applicable laws
6. Settlement Terms: Details of any refunds, compensation, or payments to be made between parties
7. Release and Discharge: Mutual release of obligations and claims under the original agreement
8. Return of Documents: Requirements for returning original documentation and title deeds
9. Costs: Allocation of costs related to the termination process
10. Governing Law: Confirmation of Malaysian law as the governing law
11. Execution: Signature blocks and execution requirements
1. Disputed Amounts: Section dealing with any disputed amounts or claims - include when there are unresolved financial matters
2. Third Party Rights: Provisions relating to any third party interests or claims - include when there are mortgages or caveats
3. Confidentiality: Confidentiality obligations - include for high-value or sensitive transactions
4. Tax Implications: Specific provisions dealing with tax consequences - include when there are significant tax considerations
5. Survival Clauses: Provisions that survive termination - include when certain obligations need to continue
1. Schedule 1 - Property Details: Detailed description of the property including title particulars
2. Schedule 2 - Original Agreement: Copy or details of the original sale and purchase agreement
3. Schedule 3 - Settlement Calculation: Detailed breakdown of all financial settlements, refunds, and deductions
4. Schedule 4 - Timeline: Timeline for completion of termination process and associated actions
5. Appendix A - Supporting Documents: Copies of relevant notices, correspondence, and other supporting documentation
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