The Shop Sale Agreement is a crucial legal document used in Malaysian commercial property transactions when transferring ownership of shop premises from a vendor to a purchaser. This document is essential for both individual and corporate transactions in Malaysia, requiring compliance with various regulations including the National Land Code 1965, Contracts Act 1950, and local authority requirements. The agreement comprehensively covers all aspects of the sale, including property description, purchase price, payment terms, conditions precedent, and obligations of both parties. It also addresses commercial considerations such as existing tenancies, business licenses, and fixtures. The Shop Sale Agreement must be properly stamped under the Stamp Act 1949 and may require additional provisions if the property is part of a strata development.
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1. Parties: Identification of the Vendor and Purchaser with full details including registration numbers for companies
2. Background: Brief context of the transaction and property details
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement for the sale and purchase of the shop, including the purchase price
5. Property Description: Detailed description of the shop property including lot number, floor area, and boundaries
6. Payment Terms: Structure and timeline of payments, including deposit and completion payments
7. Conditions Precedent: Conditions that must be fulfilled before completion
8. Vendor's Obligations: Responsibilities and warranties of the vendor
9. Purchaser's Obligations: Responsibilities and commitments of the purchaser
10. Completion: Requirements and procedures for completion of the sale
11. Title and Transfer: Provisions regarding transfer of title and registration
12. Default: Consequences and remedies in case of default by either party
13. Notices: Method and addresses for serving notices
14. Governing Law: Specification of Malaysian law as governing law and jurisdiction
1. Existing Tenancies: Required if the shop is currently tenanted - details of existing lease agreements
2. Business Licenses: Required if specific business licenses are being transferred as part of the sale
3. Equipment and Fixtures: Required if the sale includes specific equipment or fixtures
4. Environmental Matters: Required if there are specific environmental considerations or compliance requirements
5. Employees: Required if the sale includes transfer of employees
6. Intellectual Property: Required if any intellectual property rights are being transferred
7. Non-Competition: Optional clause restricting vendor from competing in the same business/area
8. Strata Title Provisions: Required if the property is part of a strata development
1. Property Schedule: Detailed description of the property including certified plans and measurements
2. Inventory Schedule: List of fixtures, fittings, and equipment included in the sale
3. Payment Schedule: Detailed breakdown of payment terms and timeline
4. Title Particulars: Copy of land title or strata title particulars
5. Existing Tenancy Schedule: Details of current tenancy agreements if applicable
6. Business Licenses Schedule: List and copies of all relevant business licenses
7. Outstanding Liabilities Schedule: List of any outstanding charges, mortgages, or encumbrances
Relevant legal definitions
Clauses
Relevant Industries
Retail
Commercial Real Estate
Food & Beverage
Professional Services
Healthcare
Fashion & Apparel
Electronics & Technology
Banking & Finance
Legal Services
Property Development
Relevant Teams
Legal
Real Estate
Commercial
Finance
Operations
Compliance
Risk Management
Business Development
Property Management
Corporate Secretarial
Relevant Roles
Legal Counsel
Property Manager
Real Estate Director
Commercial Director
Business Development Manager
Compliance Officer
Finance Manager
Operations Manager
Property Developer
Retail Manager
Business Owner
Company Secretary
Contract Administrator
Risk Manager
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