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Deposit Sale And Purchase Agreement Template for Malaysia

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Key Requirements PROMPT example:

Deposit Sale And Purchase Agreement

"I need a Deposit Sale and Purchase Agreement for a residential property in Kuala Lumpur, with a 10% deposit payable immediately and completion scheduled for March 2025; the agreement should include provisions for bank financing and vacant possession."

Document background
The Deposit Sale and Purchase Agreement is a crucial legal document used in Malaysian property transactions where a deposit is paid to secure the purchase of a property before completion. This agreement is commonly used in both residential and commercial property transactions in Malaysia, serving as a preliminary binding agreement between the vendor and purchaser. It details the deposit amount (typically 2-10% of the purchase price), payment terms, conditions precedent, completion requirements, and the parties' respective obligations. The document must comply with Malaysian property laws, including the National Land Code 1965 and the Contracts Act 1950, and may need to address specific requirements for different property types, such as strata titles or land transfers. It provides essential protection for both parties by clearly defining their rights and obligations during the period between deposit payment and completion of the sale.
Suggested Sections

1. Parties: Identification and details of the Vendor and Purchaser

2. Background: Context of the transaction and brief description of the property being sold

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

4. Deposit Payment: Terms and conditions of the deposit payment, including amount and payment method

5. Sale and Purchase: Core terms of the sale including purchase price, payment structure, and completion timeline

6. Property Details: Detailed description of the property including title particulars and encumbrances

7. Conditions Precedent: Conditions that must be fulfilled before the agreement becomes fully effective

8. Vendor's Obligations: Obligations and warranties of the vendor regarding the property and transaction

9. Purchaser's Obligations: Obligations and warranties of the purchaser regarding the payment and completion

10. Completion: Requirements and procedures for completing the sale and purchase

11. Default and Termination: Consequences of default and circumstances for termination

12. Notices: Requirements for giving notices under the agreement

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

14. General Provisions: Standard boilerplate clauses including entire agreement, variations, and severability

Optional Sections

1. Third Party Consents: Required when the property transfer requires approval from authorities or third parties

2. Strata Title: Applicable for properties under strata titles with specific requirements

3. Joint Owners: Required when there are multiple owners or purchasers involved

4. Bank Financing: Included when the purchase involves bank financing arrangements

5. Vacant Possession: Required when immediate vacant possession is part of the agreement

6. Tenancy: Included when the property is subject to existing tenancy agreements

7. GST/Tax Provisions: Required when specific tax arrangements need to be addressed

8. Development Order: Applicable for properties pending development approval

Suggested Schedules

1. Property Schedule: Detailed description of the property including lot number, title details, and location

2. Payment Schedule: Breakdown of payment terms including deposit and balance payment details

3. Completion Documents: List of documents required for completion of the sale

4. Form of Transfer: Prescribed form for transfer of property under the National Land Code

5. Existing Encumbrances: Details of any existing charges, caveats, or other encumbrances

6. Vendor's Title Documents: Copies of relevant title documents and previous agreements

7. Property Condition Report: Current condition of the property and any included fixtures and fittings

8. Special Conditions: Any special terms or conditions specific to the transaction

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 and Finance

Construction

Commercial Property

Residential Property

Industrial Property

Retail Property

Agriculture (for agricultural land)

Hospitality

Relevant Teams

Legal

Real Estate

Property Management

Sales

Business Development

Compliance

Finance

Corporate Affairs

Risk Management

Operations

Relevant Roles

Property Lawyer

Real Estate Agent

Property Manager

Legal Counsel

Conveyancing Executive

Property Developer

Bank Manager

Mortgage Officer

Compliance Officer

Real Estate Investment Manager

Property Acquisition Manager

Asset Manager

Corporate Lawyer

Sales Director

Business Development 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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