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Mortgage Sales Contract

Mortgage Sales Contract Template for Malaysia

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Key Requirements PROMPT example:

Mortgage Sales Contract

"I need a Mortgage Sales Contract for a residential property purchase in Kuala Lumpur, Malaysia, with conventional bank financing from HSBC Bank, with completion scheduled for March 15, 2025, and including provisions for a third-party guarantor."

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Document background
The Mortgage Sales Contract is a crucial legal instrument in Malaysian property transactions that combines the elements of a property sale with mortgage financing arrangements. It is primarily used when purchasing property with bank financing in Malaysia, ensuring compliance with the National Land Code 1965, Financial Services Act 2013, and other relevant Malaysian legislation. This document is essential for both residential and commercial property transactions, incorporating necessary provisions for property transfer, financing terms, and security arrangements. The contract must adhere to strict regulatory requirements, including those set by Bank Negara Malaysia (the central bank), and can be structured to accommodate both conventional and Islamic financing principles. It serves as a comprehensive agreement that protects the interests of all parties - the seller, buyer, and the financing institution - while ensuring the transaction meets all legal and regulatory requirements under Malaysian law.
Suggested Sections

1. Parties: Identification of the seller, purchaser, and financing institution

2. Background: Context of the sale and mortgage arrangement, including property overview

3. Definitions: Key terms used throughout the agreement, including technical and legal terminology

4. Sale and Purchase Agreement: Core terms of the property sale including purchase price and completion date

5. Property Details: Comprehensive description of the property including title details and encumbrances

6. Purchase Price and Payment Terms: Detailed breakdown of purchase price, deposit, and payment schedule

7. Mortgage Terms: Key terms of the mortgage including principal amount, interest rate, and repayment period

8. Conditions Precedent: Prerequisites that must be fulfilled before completion

9. Representations and Warranties: Statements of fact and promises by both parties

10. Covenants: Ongoing obligations of the parties during the mortgage term

11. Default and Remedies: Consequences and remedies in case of default

12. Completion: Process and requirements for completing the sale and mortgage

13. Insurance: Required insurance coverage for the property

14. Assignment and Transfer: Terms regarding transfer of rights and obligations

15. Notices: Communication procedures between parties

16. Governing Law and Jurisdiction: Confirmation of Malaysian law application and jurisdiction

Optional Sections

1. Islamic Finance Provisions: Required when the mortgage follows Shariah-compliant financing principles

2. Guarantor Provisions: Required when there is a third-party guarantor for the mortgage

3. Developer's Terms: Required for new properties purchased directly from developers

4. Strata Title Provisions: Required for apartments or condominiums under strata title

5. Foreign Investment Provisions: Required when the purchaser is a foreign national

6. Power of Attorney: Required when any party is acting through an appointed representative

7. Joint Ownership Terms: Required when multiple purchasers are involved

8. Renovation and Modification Terms: Optional terms regarding property modifications during mortgage period

Suggested Schedules

1. Schedule 1: Property Description: Detailed legal description of the property, including lot number, title details, and boundary marks

2. Schedule 2: Payment Schedule: Detailed breakdown of payment installments, dates, and amounts

3. Schedule 3: Bank's Standard Terms and Conditions: Standard mortgage terms and conditions of the financing institution

4. Schedule 4: Special Conditions: Any special terms or conditions specific to this transaction

5. Schedule 5: Title Documents: Copies of relevant title documents and searches

6. Appendix A: Property Plans: Floor plans, location maps, and other property diagrams

7. Appendix B: Inventory List: List of fixtures and fittings included in the sale

8. Appendix C: Insurance Requirements: Detailed insurance specifications and requirements

9. Appendix D: Completion Checklist: List of documents and actions required for completion

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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

Banking and Financial Services

Real Estate

Property Development

Legal Services

Islamic Banking

Construction

Housing Development

Insurance

Mortgage Services

Conveyancing Services

Relevant Teams

Legal

Real Estate

Mortgage Services

Credit Risk

Compliance

Property Development

Islamic Banking

Documentation

Valuations

Customer Service

Operations

Sales

Risk Management

Relevant Roles

Legal Counsel

Property Lawyer

Banking Officer

Mortgage Specialist

Real Estate Agent

Property Developer

Bank Manager

Compliance Officer

Risk Assessment Officer

Credit Analysis Manager

Islamic Banking Specialist

Property Valuer

Conveyancing Lawyer

Financial Advisor

Real Estate Transaction Manager

Documentation Specialist

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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