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Condo Purchase And Sale Agreement Template for Malaysia

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Key Requirements PROMPT example:

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."

Document background
The Condo Purchase And Sale Agreement is a crucial legal document used in Malaysian property transactions for the transfer of condominium ownership. This document is essential when any individual or entity wishes to purchase or sell a condominium unit in Malaysia, whether it's a new unit from a developer or a secondary market transaction. The agreement must comply with Malaysian property laws, including the Housing Development (Control and Licensing) Act 1966, Strata Titles Act 1985, and relevant state regulations. It contains detailed provisions covering property description, purchase price, payment terms, completion requirements, warranties, and specific provisions related to strata properties. The document protects both parties' interests while ensuring compliance with local regulatory requirements and standard market practices.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

























Clauses

























Relevant Industries

Real Estate

Property Development

Banking & Finance

Legal Services

Property Management

Construction

Insurance

Investment

Relevant Teams

Legal

Real Estate

Sales

Compliance

Property Management

Finance

Investment

Operations

Risk Management

Document Management

Relevant Roles

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

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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