Property Buying Agreement

Property Buying Agreement Template for Malaysia

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Key Requirements PROMPT example:

"I need a Property Buying Agreement for purchasing a residential condominium in Kuala Lumpur, with completion scheduled for March 2025, including provisions for bank financing and strata title requirements."

Document background

The Property Buying Agreement is a crucial legal document used in Malaysian property transactions to formalize the sale and purchase of real estate. It is essential when any real property is being transferred from one party to another, whether residential, commercial, or industrial. The agreement must comply with Malaysian property laws, including the National Land Code 1965, Contracts Act 1950, and various state-specific regulations. It typically includes detailed provisions about the property, purchase price, payment terms, conditions precedent, completion requirements, and the rights and obligations of both parties. This document is particularly important in Malaysia due to the country's unique property laws, restrictions on foreign ownership, and specific requirements for property transfer and registration. The Property Buying Agreement serves as the foundation for the entire transaction and is typically prepared after the initial offer has been accepted but before any substantial payments are made.

Suggested Sections

1. Parties: Identification and details of the Vendor and Purchaser, including full names, identification numbers, and addresses

2. Background: Brief context of the transaction and property ownership status

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

4. Property Details: Comprehensive description of the property including lot number, title details, and exact location

5. Purchase Price: Agreed purchase price and payment terms including deposit and balance payment schedule

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

7. Completion: Terms and procedures for completing the sale, including timeline and requirements

8. Vendor's Obligations: Responsibilities and warranties of the seller, including delivery of vacant possession

9. Purchaser's Obligations: Responsibilities of the buyer, including payment obligations and due diligence

10. Title and Transfer: Provisions regarding transfer of title and registration procedures

11. Default and Termination: Consequences of default by either party and termination provisions

12. Costs and Expenses: Allocation of legal fees, stamp duty, and other transaction costs

13. Notices: Methods and addresses for serving notices between parties

14. Governing Law: Confirmation of Malaysian law as governing law and jurisdiction

Optional Sections

1. Bank Financing: Include when purchaser requires bank financing, detailing loan terms and conditions

2. Strata Title: Required for apartments/condominiums, including maintenance fees and sinking fund obligations

3. Foreign Ownership: Include when purchaser is non-Malaysian, addressing relevant restrictions and requirements

4. Tenancy: Include if property is currently tenanted, addressing existing tenancy agreements

5. Real Property Gains Tax: Include specific provisions for RPGT when seller has owned property for less than 5 years

6. Renovation Works: Include if property requires or includes agreed renovation works before completion

7. Joint Ownership: Include when property is being purchased by multiple buyers

8. Power of Attorney: Include when any party is acting through an attorney

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property description, including boundary plans and floor plans

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms and milestone payments

3. Schedule 3 - Title Particulars: Copy of land title or strata title details

4. Schedule 4 - Inventory List: List of fixtures, fittings, and furnishings included in the sale

5. Schedule 5 - Condition Report: Current condition of the property and any defects

6. Appendix A - Copy of Title: Certified copy of the land or strata title

7. Appendix B - Property Documents: Relevant certificates, permits, and approvals

8. Appendix C - Forms: Standard statutory forms required for transfer of property in Malaysia

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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

Property Development

Banking and Finance

Legal Services

Insurance

Construction

Property Management

Investment

Housing Development

Urban Planning

Relevant Teams

Legal

Real Estate

Property Development

Sales

Compliance

Risk Management

Business Development

Operations

Finance

Administration

Relevant Roles

Real Estate Agent

Property Lawyer

Legal Counsel

Property Developer

Bank Manager

Property Manager

Compliance Officer

Real Estate Investment Manager

Title Officer

Property Valuer

Sales Director

Business Development Manager

Risk Manager

Contract Administrator

Legal Secretary

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