The Co-Purchase Agreement is essential in situations where multiple parties wish to jointly purchase and own property or assets in Malaysia. This document is commonly used in both residential and commercial contexts, particularly when friends, family members, or business partners decide to pool resources for property investment. The agreement must comply with Malaysian legislation, including the Contracts Act 1950 and National Land Code 1965, and typically includes detailed provisions on ownership structure, financial obligations, property management, decision-making processes, and exit strategies. It serves as a crucial risk management tool by clearly defining each party's rights, responsibilities, and remedies in case of disputes or default.
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1. Parties: Identification of all co-purchasers with their full legal names, identification numbers, and addresses
2. Background: Context of the co-purchase arrangement, including the purpose and general intent of the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Full description of the property being co-purchased, including legal description and title details
5. Ownership Structure: Specification of ownership shares and type of co-ownership (e.g., joint tenancy or tenancy in common)
6. Financial Contributions: Details of initial purchase contributions, deposit arrangements, and ongoing financial obligations
7. Payment Terms: Structure and timing of payments, including mortgage arrangements if applicable
8. Property Management: Rules for day-to-day management, maintenance, and operation of the property
9. Decision Making: Process for making decisions regarding the property, including voting rights and majority requirements
10. Transfer Restrictions: Limitations on selling, transferring, or encumbering ownership interests
11. Default and Remedies: Consequences of default and available remedies for non-defaulting parties
12. Dispute Resolution: Procedures for resolving disputes between co-purchasers
13. Termination: Circumstances and procedures for terminating the co-purchase arrangement
14. Governing Law: Specification of Malaysian law as governing law and jurisdiction
1. Rental Income: Provisions for sharing rental income if the property is to be leased
2. Occupancy Rights: Rules for occupancy if any co-purchasers will reside in the property
3. Buy-Out Provisions: Procedures for one co-purchaser to buy out others' interests
4. Death or Incapacity: Procedures in case of death or incapacity of a co-purchaser
5. Insurance Requirements: Specific insurance obligations beyond standard requirements
6. Property Improvements: Rules for making and paying for property improvements
7. Right of First Refusal: Process giving co-owners first right to purchase if one party wishes to sell
8. Property Usage Rules: Specific rules about property usage if shared occupancy is intended
1. Schedule 1 - Property Description: Detailed legal description of the property and title information
2. Schedule 2 - Financial Contributions: Detailed breakdown of each party's financial contributions
3. Schedule 3 - Payment Schedule: Timeline and details of payment obligations
4. Schedule 4 - Management Procedures: Detailed procedures for property management and maintenance
5. Schedule 5 - Mortgage Details: Details of any mortgage or financing arrangements
6. Appendix A - Property Valuation: Independent valuation report of the property
7. Appendix B - Property Condition Report: Detailed report on the condition of the property at purchase
8. Appendix C - Authorized Representatives: List of authorized representatives for each co-purchaser
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