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Option Sales Contract

Option Sales Contract Template for Malaysia

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Key Requirements PROMPT example:

Option Sales Contract

"I need an Option Sales Contract for a commercial warehouse property in Kuala Lumpur, with a 6-month option period starting March 1, 2025, and an option fee of RM 50,000, ensuring the option holder has exclusive rights to purchase at RM 2.5 million during this period."

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Document background
The Option Sales Contract is a crucial document in Malaysian commercial and property transactions, providing a structured framework for future property sales. This contract type is commonly used when parties wish to secure the possibility of a future sale while maintaining flexibility in decision-making. It's particularly relevant in developing property markets, corporate acquisitions, and strategic business expansions. The document must comply with Malaysian legal requirements, including the Contracts Act 1950, National Land Code 1965, and Stamp Act 1949. It typically includes detailed provisions about the option period, exercise price, exercise mechanics, and completion procedures, making it essential for both straightforward property transactions and complex commercial deals.
Suggested Sections

1. Parties: Identification and details of the Option Grantor and Option Holder

2. Background: Context of the agreement and relationship between parties

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

4. Grant of Option: Express grant of the option and its basic terms

5. Option Period: Duration of the option and any extension provisions

6. Option Price: Amount payable for the option itself (if any)

7. Exercise Price: Purchase price payable upon exercise of the option

8. Exercise Procedure: Process and requirements for exercising the option

9. Completion: Procedures and obligations for completing the sale after exercise

10. Representations and Warranties: Standard warranties about capacity, authority, and property condition

11. Termination: Circumstances under which the option agreement may be terminated

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

Optional Sections

1. Security Deposit: Terms for any security deposit required, used when there's a significant option price

2. Due Diligence: Provisions for property inspection and investigation, relevant for complex property options

3. Assignment: Rights to assign the option, included when transferability is desired

4. Property Maintenance: Obligations regarding property maintenance during the option period, relevant for longer option periods

5. Conditions Precedent: Any conditions that must be satisfied before the option can be exercised

6. Tax Provisions: Specific tax-related provisions, included when there are significant tax implications

7. Force Majeure: Provisions for unforeseen circumstances, relevant for longer-term options

Suggested Schedules

1. Property Description: Detailed description of the property including title details

2. Option Exercise Notice: Form of notice to be used when exercising the option

3. Purchase Price Calculation: Detailed methodology for calculating the final purchase price if variable

4. Completion Requirements: Detailed list of documents and requirements for completion

5. Permitted Encumbrances: List of accepted encumbrances on the property

6. Due Diligence Requirements: Detailed requirements and procedures for due diligence if applicable

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

Real Estate

Commercial Property

Residential Property

Industrial Property

Retail

Manufacturing

Agriculture

Mining

Hospitality

Commercial Development

Relevant Teams

Legal

Real Estate

Commercial

Operations

Finance

Business Development

Property Management

Corporate Development

Investment

Compliance

Relevant Roles

Real Estate Manager

Property Developer

Commercial Director

Legal Counsel

Contract Manager

Business Development Manager

Investment Manager

Property Manager

Acquisition Manager

Chief Financial Officer

Real Estate Agent

Corporate Lawyer

Property Consultant

Development Director

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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