The Purchase Contract For Home is a crucial legal document used in Malaysian residential property transactions to formalize the sale and purchase agreement between parties. It is essential for both new property purchases and secondary market transactions, incorporating requirements under Malaysian law including the National Land Code 1965 and Housing Development Act 1966. The document serves multiple purposes: it protects the interests of both buyer and seller, establishes clear payment terms and conditions, details property specifications, and ensures compliance with local regulations. This contract type can accommodate both conventional and Islamic financing structures, reflecting Malaysia's dual banking system, and includes provisions for various property types from landed houses to stratified properties.
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1. Parties: Identification of the Vendor/Seller and Purchaser with full legal names, identification numbers, and addresses
2. Background: Brief context of the transaction, including property ownership status and intention to sell/purchase
3. Definitions: Definitions of key terms used throughout the agreement, including Property, Completion Date, Purchase Price, etc.
4. Property Details: Comprehensive description of the property including lot number, title details, built-up area, and location
5. Purchase Price: Statement of the agreed purchase price and payment schedule
6. Payment Terms: Detailed breakdown of payment structure, deposit amounts, and timeline for payments
7. Conditions Precedent: Conditions that must be fulfilled before the agreement becomes fully effective
8. Completion: Process and requirements for completing the sale, including documentation and timing
9. Vendor's Obligations: Responsibilities and warranties of the seller, including property condition and title transfer
10. Purchaser's Obligations: Responsibilities of the buyer, including payment obligations and compliance requirements
11. Title and Transfer: Provisions regarding property title, transfer process, and registration requirements
12. Default and Termination: Consequences of default by either party and termination provisions
13. Notices: Process for sending and receiving formal communications between parties
14. Governing Law: Specification of Malaysian law as governing law and jurisdiction clauses
15. Execution: Signature blocks and execution requirements for all parties
1. Vacant Possession: Required when the property is being sold with immediate vacant possession
2. Tenancy: Required when the property is subject to existing tenancy agreements
3. Strata Title: Required for apartments/condominiums, including maintenance fees and sinking fund obligations
4. Islamic Financing: Required when the purchase involves Shariah-compliant financing
5. Property Condition: Detailed description of property condition and any repairs required, used for older properties
6. Renovation Works: Required when there are ongoing or planned renovation works
7. Joint Ownership: Required when the property is being purchased by multiple buyers
8. Foreign Ownership: Required when the purchaser is a foreign national, including compliance with FIC guidelines
1. Property Schedule: Detailed property description, including boundary plans and title particulars
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Inventory List: List of fixtures, fittings, and furnishings included in the sale
4. Form 14A: Statutory transfer form under the National Land Code
5. Title Search: Recent land title search results
6. Property Photos: Photographic evidence of property condition at time of sale
7. Renovation Plans: If applicable, approved renovation plans and permits
8. Strata Plans: For strata properties, certified strata plan showing unit location and common areas
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