The Real Estate Purchase Contract Form is a fundamental legal document used in Malaysian property transactions to formalize the sale and purchase of real estate. This document is essential for both residential and commercial property transactions in Malaysia, incorporating requirements from the National Land Code 1965, Contracts Act 1950, and other relevant property legislation. It serves as a comprehensive agreement that outlines the terms and conditions of the property sale, including property details, purchase price, payment terms, warranties, and completion requirements. The contract ensures legal compliance while protecting the interests of both parties through clear documentation of their rights and obligations.
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1. Parties: Identification and details of the Vendor and Purchaser, including full names, identification numbers, and addresses
2. Background: Brief context of the transaction and confirmation of Vendor's ownership and right to sell
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including title details, lot number, address, and land area
5. Purchase Price: Agreed purchase price and payment structure
6. Payment Terms: Detailed breakdown of payment schedule, deposit requirements, and balance payment arrangements
7. Conditions Precedent: Conditions that must be fulfilled before completion of the sale
8. Vendor's Obligations: Responsibilities and warranties of the seller including delivering vacant possession
9. Purchaser's Obligations: Responsibilities of the buyer including payment obligations and due diligence
10. Completion: Requirements and procedure for completion of the sale
11. Title and Transfer: Provisions regarding transfer of title and registration requirements
12. Default: Consequences and remedies in case of default by either party
13. Notices: Method and addresses for serving notices between parties
14. Governing Law: Confirmation of Malaysian law as governing law and jurisdiction
1. Strata Title Provisions: Additional provisions for properties under strata title, including management corporation obligations
2. Foreign Ownership: Special conditions and requirements if the purchaser is a foreign national
3. Developer's Consent: Required when the property is still under developer's control or has restrictions
4. Tenancy Provisions: Required when the property is sold with existing tenants
5. Bank Consent: Required when the property has an existing charge or mortgage
6. Real Property Gains Tax Retention: Special provisions for RPGT retention sum if applicable
7. Renovation Works: Provisions regarding any agreed renovation works to be completed before/after completion
1. Schedule 1 - Property Details: Detailed description of the property including boundaries, fixtures, and fittings
2. Schedule 2 - Title Particulars: Copy of land title or strata title details
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment terms and installments
4. Schedule 4 - Vendor's Warranties: List of warranties provided by the vendor regarding the property
5. Schedule 5 - Completion Documents: List of documents required for completion
6. Appendix A - Property Plans: Floor plans, location maps, and other relevant property drawings
7. Appendix B - Inventory List: List of included furnishings and fittings (if applicable)
8. Appendix C - Special Conditions: Any special conditions or requirements specific to the transaction
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