The Principal Sale and Purchase Agreement is a fundamental legal document used in Malaysian property transactions to formalize the transfer of real property ownership. This document is essential when conducting property sales in Malaysia, whether for residential or commercial properties. It serves as the primary contract that outlines all crucial aspects of the property transaction, including detailed property descriptions, payment terms, conditions precedent, and completion requirements. The agreement must comply with Malaysian property laws, including the National Land Code 1965, Contracts Act 1950, and other relevant legislation. It provides legal protection for both vendors and purchasers while ensuring proper documentation of the transaction terms and conditions.
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1. Parties: Identification and details of the Vendor and Purchaser
2. Background: Context of the sale and brief description of the property
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Sale and Purchase: Core agreement to sell and purchase the property
5. Purchase Price: Agreed price and payment terms including deposit and balance
6. Conditions Precedent: Conditions that must be fulfilled before completion
7. Title and Ownership: Warranties regarding title and ownership status
8. Completion: Completion process, timing, and requirements
9. Vendor's Obligations: Obligations of the vendor before and at completion
10. Purchaser's Obligations: Obligations of the purchaser before and at completion
11. Property Condition: State and condition of the property at handover
12. Representations and Warranties: Standard warranties by both parties
13. Default and Termination: Consequences of default and termination rights
14. Notices: Process for giving notices under the agreement
15. Governing Law and Jurisdiction: Confirmation of Malaysian law and jurisdiction
16. Execution: Signature blocks and execution formalities
1. Rental Income: Required if property is currently tenanted and includes provisions about existing tenancies
2. Renovation Works: Needed if either party requires specific renovation or repair works before completion
3. Strata Title: Required for apartments/condominiums to address management corporation matters
4. Agent Commission: Include if real estate agents are involved in the transaction
5. GST/Tax Provisions: Required if GST or specific tax arrangements need to be addressed
6. Third Party Consents: Include if the sale requires specific third party approvals
7. Property Management: Required for properties in managed developments
8. Foreign Investment: Include if purchaser is foreign and subject to approval requirements
1. Property Description: Detailed description of the property including lot number, title details, and address
2. Payment Schedule: Breakdown of payment instalments and timing
3. Title Particulars: Copy of land title or strata title details
4. Inventory List: List of fixtures, fittings, and furniture included in the sale
5. Existing Tenancies: Details of any existing tenant leases or agreements
6. Outstanding Charges: List of any encumbrances, charges, or caveats on the property
7. Completion Documents: List of documents required for completion
8. Form of Transfer: Prescribed transfer form under National Land Code
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