This agreement is a sample sale and purchase agreement for a real estate property in Malaysia, outlining the terms and conditions of the transaction between the Vendor and the Purchaser. The agreement covers various aspects of the sale, including the description of the property, its location, the building plans, and any encumbrances. The document is a useful reference for anyone looking for a sale and purchase agreement sample in Malaysia. Whether you are a buyer or seller of a property, this agreement can serve as a helpful guide and template for drafting your own legally binding contract. By using this sample agreement as a starting point, you can ensure that your own agreement is comprehensive, accurate, and compliant with Malaysian laws and regulations. If you're looking for a sale and purchase agreement sample in Malaysia, this text is an excellent resource to help you get started.
The agreement is a legal agreement between a company incorporated in Malaysia, referred to as "the Vendor", a purchaser referred to as "the Purchaser", and a proprietor referred to as "the Proprietor". The agreement concerns the sale of a piece of land, measuring approximately hectares/square metres, which the Proprietor owns. The Vendor has the right to develop the land as a housing development and sell it. The land is charged to a registered office as security for a loan granted to the Vendor.
The Vendor has obtained approval from the appropriate authority for the building plans and is developing the land as a housing development known as *Phase complete thereon with the common facilities as in the Second Schedule. The Vendor has agreed to sell and the Purchaser has agreed to purchase a parcel with vacant possession, distinguished as Parcel No., which is delineated and shaded GREEN in the *Storey Plan/Delineation Plan, measuring square metres within Storey No. of Building No. /of Land Parcel No. which is in turn delineated and shaded RED in the Site Plan. The Purchaser is also purchasing an accessory parcel with vacant possession, distinguished as accessory parcel No., of *Building/Land Parcel No. (which is delineated and shaded BLUE in the Accessory Parcel Plan annexed in the First Schedule).
The agreement includes various terms and conditions. For instance, the Vendor guarantees that the parcel is free from any agricultural or industrial conditions expressed or implied and any restrictions against building housing accommodation thereon and all encumbrances other than those imposed by the provisions stated in the agreement/already subsisting at the date hereof (if any) and any conditions expressed or implied affecting the title of the said Parcel. The Proprietor and the Vendor shall not immediately and at any time after the execution of this Agreement subject the said Land to any encumbrances without the prior approval of the Purchaser, and the Proprietor and the Vendor undertake that the said Parcel will be free from encumbrances immediately before the Purchaser takes vacant possession of the said Parcel.
In the event that the said Land is encumbered to any bank and/or financial institution by the Proprietor/Vendor, the Proprietor/Vendor shall immediately after the date of this Agreement deliver or cause to be delivered to the Purchaser and/or the Financier (as hereinafter defined) a copy of the redemption statement and undertaking letter issued by such bank and/or financial institution in respect of the said Parcel. The Purchaser will authorize the payment of such portion of the purchase price or the Financier to release such portion of the Loan, as the case may be, equivalent to the amount of the redemption sum payable in respect of the said Parcel directly to such bank and/or financial institution, and then the balance purchase price or the balance Loan to the Vendor provided all such payments and releases are made progressively at the time and in the manner prescribed in the Third Schedule.
Overall, the agreement sets out the terms and conditions of the sale and purchase of a parcel of land, and its accessory parcel, to the Purchaser by the Vendor, subject to various provisions and undertakings.
