The Commercial Lease Purchase Agreement is a sophisticated legal instrument used in Malaysian business property transactions where parties wish to combine immediate occupancy rights with a future purchase option. This document is particularly valuable when a potential buyer wants to occupy and assess a property before committing to purchase, or when seeking to spread the financial commitment over time. It encompasses detailed provisions for both the lease period and the purchase option, including rent calculations, maintenance responsibilities, option exercise procedures, and purchase completion requirements. The agreement must comply with Malaysian property and contract law, including the National Land Code 1965 and Contracts Act 1950, and is commonly used in commercial real estate transactions ranging from retail spaces to industrial properties.
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Key Requirements PROMPT example:
Commercial Lease Purchase Agreement
"I need a Commercial Lease Purchase Agreement for a three-story retail space in Kuala Lumpur, with a 2-year lease term starting March 2025 and an option to purchase at a pre-agreed price of RM 5.5 million, with specific provisions for maintaining the existing tenant on the ground floor."
1. Parties: Identification of the lessor/vendor and lessee/purchaser with full legal names and registration details
2. Background: Context of the transaction, including property details and intention to enter into a lease with option to purchase
3. Definitions: Defined terms used throughout the agreement, including Property, Completion Date, Purchase Price, Lease Term, etc.
4. Lease Terms: Details of the lease period, including duration, rent amount, payment terms, and maintenance obligations
5. Purchase Option: Terms and conditions of the purchase option, including option fee, exercise period, and purchase price
6. Property Condition and Use: Permitted use of property, maintenance responsibilities, and condition requirements
7. Rent and Other Payments: Detailed breakdown of rent, security deposit, service charges, and other financial obligations
8. Exercise of Purchase Option: Process and requirements for exercising the purchase option, including notice requirements
9. Completion of Purchase: Procedures and requirements for completing the property purchase once option is exercised
10. Insurance and Risk: Insurance requirements and allocation of risk during lease and purchase phases
11. Default and Termination: Events of default, remedies, and termination provisions for both lease and purchase aspects
12. Assignment and Subletting: Restrictions and conditions on assignment or subletting of the property
13. Notices: Requirements for giving valid notices under the agreement
14. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes
15. Execution: Formal execution blocks for all parties
1. Existing Tenancies: Required if property has existing tenants who will remain after completion
2. Alterations and Improvements: Include if specific fit-out works or improvements are planned
3. Environmental Matters: Required for properties with potential environmental concerns or compliance requirements
4. GST/Tax Provisions: Include detailed tax provisions if transaction is subject to GST or specific tax arrangements
5. Property Management: Include for properties within managed complexes or with specific management requirements
6. Foreign Investment Provisions: Required if purchaser is a foreign entity, addressing relevant restrictions and approvals
7. Break Clause: Optional early termination provisions if agreed by parties
8. Service Charge Provisions: Detailed service charge provisions for properties in commercial complexes
1. Property Description: Detailed legal description of property, including title details and plan
2. Rent and Payment Schedule: Detailed breakdown of rent payments, escalations, and purchase price calculations
3. Condition Schedule: Current condition of property, including photographs and defect list
4. Permitted Use: Detailed description of permitted uses and any restrictions
5. Building Rules and Regulations: If applicable, rules governing use of property and common areas
6. Form of Option Notice: Template for exercising purchase option
7. Handover Inventory: List of fixtures, fittings, and equipment included in lease/sale
8. Service Specifications: Details of services provided if property is in managed complex
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Retail
Manufacturing
Hospitality
Healthcare
Education
Logistics
Professional Services
Technology
Food & Beverage
Warehousing
Industrial
Relevant Teams
Legal
Finance
Real Estate
Operations
Facilities Management
Risk & Compliance
Procurement
Business Development
Corporate Affairs
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Real Estate Director
Property Manager
Facilities Manager
Legal Counsel
Commercial Director
Operations Manager
Business Development Manager
Finance Manager
Asset Manager
Risk Manager
Procurement Manager
Company Secretary
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