Condo Purchase Agreement

Condo Purchase Agreement Template for Malaysia

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Key Requirements PROMPT example:

"I need a Condo Purchase Agreement for a luxury unit in Kuala Lumpur's KLCC area, where the buyer is a foreign investor from Singapore purchasing from a local developer, with completion scheduled for March 2025."

Document background

The Condo Purchase Agreement is a crucial legal document used in Malaysian property transactions for the sale and purchase of condominium units. It is essential for both residential and investment property acquisitions, incorporating mandatory provisions required by Malaysian law, particularly the Housing Development Act 1966 and Strata Titles Act 1985. This agreement is used when transferring ownership of new units from developers to first-time buyers or in subsequent sales between private parties. The document covers all aspects of the transaction, including property details, payment terms, ownership transfer procedures, and obligations regarding common property maintenance. It must comply with Malaysian regulations regarding foreign ownership restrictions, stamp duty requirements, and strata title management rules. The agreement serves as the primary record of the transaction terms and provides legal protection for all parties involved.

Suggested Sections

1. Parties: Identification of the Vendor and Purchaser with complete details including registration/identification numbers

2. Background: Context of the transaction, including brief description of the property and development

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

4. Property Details: Comprehensive description of the condominium unit, including unit number, floor area, and share in common property

5. Purchase Price: Agreed purchase price and payment schedule in accordance with statutory requirements

6. Payment Terms: Detailed payment structure, including deposit, progressive payments, and completion payment

7. Completion: Conditions for completion of sale, including timing and requirements

8. Title and Transfer: Provisions regarding strata title issuance and transfer of ownership

9. Vendor's Obligations: Responsibilities of the vendor including delivery of vacant possession and documentation

10. Purchaser's Obligations: Responsibilities of the purchaser including payment and compliance with rules

11. Common Property: Rights and obligations regarding common areas and facilities

12. Maintenance Charges: Provisions for service charges, sinking fund, and insurance

13. Defect Liability: Defect liability period and warranty provisions

14. Termination: Circumstances and procedures for termination of the agreement

15. Governing Law: Specification of Malaysian law as governing law and jurisdiction

16. Notices: Procedures for serving notices between parties

Optional Sections

1. Foreign Ownership Approval: Required when purchaser is a foreign national, detailing necessary approvals and conditions

2. Mortgage Financing: Included when purchaser is obtaining bank financing, including conditions and requirements

3. Power of Attorney: Required when either party is acting through an appointed representative

4. GST/Tax Provisions: Detailed tax provisions when applicable to the transaction

5. Renovation Terms: Include when specific renovation restrictions or requirements need to be addressed

6. Rental Status: Required when property is currently tenanted or has existing rental agreements

7. Car Park Assignment: Include when car park lots are separately assigned or purchased

8. Special Conditions: Any unique terms specific to the transaction or property

Suggested Schedules

1. Schedule 1: Property Description: Detailed specification of the property including floor plan and measurements

2. Schedule 2: Payment Schedule: Detailed breakdown of payment installments and timing

3. Schedule 3: Inventory List: List of fixtures, fittings, and furnishings included in the sale

4. Schedule 4: Common Facilities: Description of common facilities and amenities

5. Schedule 5: Title Particulars: Details of the master title and strata title (if issued)

6. Schedule 6: House Rules: Management corporation rules and regulations

7. Appendix A: Location Plan: Plans showing location of the unit within the development

8. Appendix B: Developer's License: Copy of developer's license and permits

9. Appendix C: Certificates: Relevant certificates including Certificate of Completion and Compliance

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Insurance

Facilities Management

Relevant Teams

Legal

Real Estate

Property Management

Sales

Compliance

Finance

Investment

Operations

Risk Management

Customer Relations

Relevant Roles

Real Estate Agent

Property Manager

Legal Counsel

Conveyancing Lawyer

Property Developer

Bank Manager

Mortgage Officer

Compliance Officer

Real Estate Investment Manager

Property Valuer

Sales Director

Contract Administrator

Real Estate Transaction Manager

Property Investment Advisor

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Authors

Alex Denne

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