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Condo Purchase And Sale Agreement
"I need a Condo Purchase and Sale Agreement for a standard unit purchase in Kuala Lumpur, with completion scheduled for March 2025, purchase price of RM 850,000, and a 10% deposit to be paid upon signing."
1. Parties: Identifies and provides full details of the Vendor and Purchaser, including name, identification number, and address
2. Background: Recitals explaining the context of the agreement, including property ownership status and intention to sell
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Property Details: Comprehensive description of the condominium unit, including unit number, floor area, and share in common property
5. Purchase Price: States the agreed purchase price and payment schedule in accordance with regulatory requirements
6. Payment Terms: Details the payment structure, installment amounts, and timing of payments
7. Completion: Specifies the completion date and procedures for transferring ownership
8. Vendor's Obligations: Lists all obligations of the vendor including delivery of vacant possession and document submission
9. Purchaser's Obligations: Details the purchaser's responsibilities including payment obligations and compliance requirements
10. Title and Transfer: Provisions regarding the transfer of title and requirements for registration
11. Conditions of Property: States the condition in which the property will be delivered and any warranties
12. Representations and Warranties: Standard warranties from both parties regarding their capacity and authority to enter the agreement
13. Default and Termination: Consequences of default by either party and termination provisions
14. Notices: Specifies how formal notices should be given between parties
15. Governing Law: Confirms Malaysian law as governing law and jurisdiction
16. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability
1. Foreign Investment Approval: Required when purchaser is a foreign national, detailing necessary approvals from relevant authorities
2. Mortgage Provisions: Include when purchaser is obtaining bank financing, detailing arrangements and conditions
3. Renovation Works: Include when specific renovation or modification agreements are made prior to completion
4. Rental Tenancy: Required when property is currently tenanted, addressing handover of tenancy
5. Defect Liability: Include for new properties still under developer's defect liability period
6. Car Park Assignment: Include when specific car park lots are being assigned with the unit
7. GST/Tax Provisions: Detailed tax provisions when either party has specific tax requirements or implications
1. Schedule 1 - Property Description: Detailed technical description of the property including floor plan and measurements
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule 3 - Inventory List: List of fixtures, fittings, and furniture included in the sale if any
4. Schedule 4 - Title Particulars: Copy of strata title or details from land office records
5. Schedule 5 - Completion Requirements: Checklist of documents and requirements for completion
6. Appendix A - Strata Plan: Copy of approved strata plan showing unit location and common areas
7. Appendix B - House Rules: Copy of current management corporation house rules and regulations
8. Appendix C - Special Conditions: Any special conditions agreed between parties
Authors
Real Estate
Property Development
Banking & Finance
Legal Services
Property Management
Construction
Insurance
Investment
Legal
Real Estate
Sales
Compliance
Property Management
Finance
Investment
Operations
Risk Management
Document Management
Real Estate Agent
Property Lawyer
Conveyancing Executive
Property Developer
Bank Manager
Property Manager
Legal Counsel
Compliance Officer
Real Estate Investment Manager
Property Valuer
Sales Director
Transaction Manager
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