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Real Estate Termination Agreement

Real Estate Termination Agreement Template for Malaysia

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Key Requirements PROMPT example:

Real Estate Termination Agreement

"I need a Real Estate Termination Agreement for a commercial property purchase that's being terminated due to the buyer's failure to secure financing, with a settlement amount of RM 2.5 million to be paid by March 15, 2025."

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Document background
The Real Estate Termination Agreement is crucial in Malaysian property transactions where parties mutually agree to end their existing real estate contract. This document becomes necessary when circumstances require the termination of a sale, purchase, or lease agreement before its natural conclusion. It must comply with Malaysian property laws, including the National Land Code 1965 and Contracts Act 1950, and typically includes provisions for financial settlements, release of obligations, property handover procedures, and confidentiality terms. The agreement protects all parties' interests by clearly documenting the termination terms and ensuring proper closure of the original transaction.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement, including their full legal names, registration numbers (if applicable), and addresses

2. Background: Recitals explaining the original agreement details, reason for termination, and current circumstances

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Termination: States the mutual agreement to terminate and specifies the effective termination date

5. Settlement Terms: Details the financial settlement, including any refunds, compensation, or outstanding payments

6. Release and Discharge: Mutual release of claims and obligations related to the original agreement

7. Return of Documents: Requirements for returning property documents, keys, and other relevant materials

8. Confidentiality: Obligations to maintain confidentiality of the termination terms and original agreement details

9. Governing Law: Specifies Malaysian law as governing law and jurisdiction for disputes

10. Entire Agreement: Confirms this agreement represents the entire understanding between parties regarding the termination

Optional Sections

1. Survival Clauses: Specifies which provisions from the original agreement survive termination, used when certain obligations need to continue

2. Third Party Rights: Addresses rights of third parties affected by the termination, needed when other parties have interests in the property

3. Tax Implications: Addresses responsibility for any tax consequences of the termination, used when significant tax implications exist

4. Transitional Arrangements: Details temporary arrangements during the termination process, needed for complex properties or ongoing obligations

5. Alternative Dispute Resolution: Specifies mediation or arbitration procedures, recommended for high-value properties

Suggested Schedules

1. Property Details: Comprehensive description of the property including title details, lot number, and address

2. Financial Settlement Schedule: Detailed breakdown of all financial settlements, refunds, and payment terms

3. Original Agreement Details: Summary or copy of key terms from the original agreement being terminated

4. Handover Checklist: List of items, documents, and actions required for property handover

5. Outstanding Obligations: List of any remaining obligations and how they will be discharged

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

Property Development

Legal Services

Banking and Finance

Property Management

Construction

Real Estate Investment

Relevant Teams

Legal

Real Estate Operations

Property Management

Compliance

Sales

Contract Administration

Risk Management

Documentation

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Contract Manager

Property Developer

Compliance Officer

Real Estate Transaction Coordinator

Property Investment Manager

Real Estate Operations Manager

Legal 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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