The Reservation Contract is a crucial document in Malaysian property transactions, used when a prospective purchaser expresses serious interest in acquiring a property but requires a formal period to conduct due diligence or secure financing. This document establishes the prospective purchaser's priority right to purchase the property during the reservation period, typically in exchange for a reservation fee. The contract must comply with Malaysian property and contract laws, including the Contracts Act 1950 and relevant property legislation. It serves as a preliminary agreement before the full Sale and Purchase Agreement, protecting both parties' interests by clearly defining the reservation terms, payment conditions, and rights during the reservation period.
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1. Parties: Identification of the property owner/developer and the prospective purchaser with full details
2. Background: Context of the reservation agreement including brief property description and intention to reserve
3. Definitions: Key terms used in the agreement including 'Property', 'Reservation Period', 'Reservation Fee', etc.
4. Property Details: Brief description of the property being reserved (detailed description in Schedule)
5. Reservation Fee: Amount of reservation fee, payment terms, and refund conditions
6. Reservation Period: Duration of the reservation and rights during this period
7. Rights and Obligations: Responsibilities of both parties during the reservation period
8. Termination: Circumstances under which the reservation can be terminated by either party
9. Refund Terms: Conditions and process for refund of reservation fee
10. Governing Law: Specification of Malaysian law as governing law
11. Execution: Signature blocks and execution details
1. Multiple Purchasers: Additional terms for cases with multiple prospective purchasers
2. Special Conditions: Any special terms or conditions specific to this reservation
3. Assignment: Terms regarding whether the reservation rights can be assigned to others
4. Force Majeure: Provisions for unforeseen circumstances affecting the reservation
5. Dispute Resolution: Specific dispute resolution procedures if different from standard court proceedings
6. Confidentiality: Terms regarding confidentiality of the reservation agreement
1. Schedule 1 - Property Description: Detailed description of the property including lot number, size, location, and specifications
2. Schedule 2 - Payment Schedule: Detailed breakdown of reservation fee payment terms and timeline
3. Schedule 3 - Property Documents: List of relevant property documents provided or to be provided
4. Appendix A - Property Plans: Floor plans, location maps, or other relevant property drawings
5. Appendix B - Reservation Process: Detailed steps and timeline for the reservation process
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