The Apartment Sale Agreement is a crucial legal document used in Malaysian property transactions for the transfer of ownership of strata-titled properties. This agreement is essential when selling or purchasing apartments, condominiums, or other stratified properties in Malaysia. The document must comply with various Malaysian regulations, including the Housing Development (Control and Licensing) Act 1966, Strata Titles Act 1985, and National Land Code 1965. It contains detailed provisions about the property, payment terms, completion requirements, and obligations of both parties, while also addressing specific requirements for strata properties such as management fees and shared facilities.
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1. Parties: Identification of the Vendor and Purchaser with 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 apartment including lot number, floor area, and strata title details
5. Purchase Price: Agreed purchase price and payment schedule in accordance with Malaysian regulations
6. Payment Terms: Detailed payment structure including deposits, progressive payments, and completion payments
7. Completion: Conditions for completion of sale and transfer of ownership
8. Vendor's Obligations: Responsibilities of the vendor including delivery of vacant possession and documentation
9. Purchaser's Obligations: Responsibilities of the purchaser including payment and compliance with terms
10. Title and Transfer: Provisions regarding transfer of title and registration requirements
11. Representations and Warranties: Standard warranties about property ownership, condition, and authority to sell
12. Default: Consequences of default by either party and remedies available
13. Notices: Process for serving notices between parties
14. Governing Law: Specification of Malaysian law as governing law and jurisdiction
15. Execution: Signature blocks and attestation requirements
1. Foreign Ownership: Required when purchaser is non-Malaysian, including approval requirements and restrictions
2. Bank Financing: Include when purchaser is obtaining bank financing, with relevant terms and conditions
3. Power of Attorney: Required when either party is acting through an appointed representative
4. Strata Management: Additional terms regarding management fees and sinking fund if not covered in standard terms
5. Renovation Works: Include if specific renovation terms or restrictions need to be addressed
6. Defect Liability: For new properties, detailed terms about defect liability period and remedies
7. GST/Tax Provisions: Specific tax-related provisions if applicable to the transaction
1. Property Schedule: Detailed description of property including floor plan and specifications
2. Payment Schedule: Detailed breakdown of payment stages and amounts
3. Inventory List: List of fixtures, fittings, and furnishings included in the sale
4. Title Particulars: Copy of relevant title details and encumbrances
5. Approved Plans: Architectural plans and approvals
6. Strata By-Laws: Copy of applicable strata by-laws and regulations
7. Completion Documents: List of documents required for completion
8. Special Conditions: Any special terms or conditions specific to the transaction
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