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Formal Sale And Purchase Agreement
"I need a Formal Sale and Purchase Agreement for a commercial warehouse property in Penang, Malaysia, with completion scheduled for March 2025 and including provisions for staged payments."
1. Parties: Identifies and provides full details of the Vendor and Purchaser, including registration/identification numbers and addresses
2. Background: Recitals explaining the context of the sale, including brief description of the property and parties' intention to enter into the transaction
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out rules of interpretation
4. Sale and Purchase: Core agreement to sell and purchase the property, including the agreed purchase price
5. Property Description: Detailed description of the property being sold, including all relevant title details
6. Purchase Price and Payment Terms: Breakdown of the purchase price and payment schedule, including deposit and completion payments
7. Conditions Precedent: Any conditions that must be fulfilled before the agreement becomes fully effective
8. Completion: Requirements and procedures for completing the sale, including timing and delivery of documents
9. Vendor's Warranties and Representations: Warranties about the property's condition, title, and other relevant matters
10. Purchaser's Warranties and Representations: Warranties about the purchaser's capacity and ability to complete the purchase
11. Title and Transfer: Provisions regarding the transfer of title and registration procedures
12. Default and Termination: Consequences of default by either party and termination provisions
13. Notices: How formal notices under the agreement must be given
14. Governing Law and Jurisdiction: Confirms Malaysian law governs the agreement and jurisdiction for disputes
15. Execution: Formal signing section with witness requirements
1. Conditions Subsequent: Used when certain conditions must be fulfilled after the agreement becomes effective but before completion
2. Vacant Possession: Required when the property is sold with vacant possession, specifying timing and conditions
3. Tenancies: Required when the property is sold subject to existing tenancies, detailing the arrangements
4. Property Management: Used for properties within managed developments, addressing maintenance fees and sinking funds
5. GST/Tax Provisions: Detailed tax provisions when the transaction is subject to GST or specific tax requirements
6. Environmental Matters: Required for industrial properties or when environmental issues are relevant
7. Development Orders: Used when the property is subject to specific development orders or restrictions
8. Strata Title: Required for properties pending strata title issuance
9. Bank Consent: Required when the property is subject to existing charges requiring bank's consent for the sale
1. Property Schedule: Detailed technical description of the property, including lot number, title details, and exact measurements
2. Payment Schedule: Detailed breakdown of payment terms, amounts, and timing
3. Inventory List: List of fixtures, fittings, and other items included in the sale
4. Title Particulars: Copy of land title and other relevant title documents
5. Existing Tenancies: Details of any existing tenancy agreements affecting the property
6. Outstanding Charges: List of all encumbrances, charges, or liens affecting the property
7. Approved Plans: Relevant building plans, certificates of fitness, and other approvals
8. Form of Transfer: Draft transfer document in the prescribed form under the National Land Code
9. Special Conditions: Any special conditions or requirements specific to the transaction
Authors
Real Estate
Commercial Property
Residential Property
Industrial Property
Retail
Manufacturing
Hospitality
Agriculture
Office Space
Warehousing and Logistics
Healthcare
Education
Legal
Real Estate
Compliance
Finance
Operations
Corporate Secretarial
Risk Management
Business Development
Property Management
Asset Management
Investment
Facilities Management
Legal Counsel
Property Manager
Real Estate Manager
Compliance Officer
Contract Manager
Company Secretary
Property Developer
Real Estate Agent
Facilities Manager
Finance Manager
Business Development Manager
Asset Manager
Investment Manager
Operations Director
Chief Legal Officer
Chief Financial Officer
Real Estate Director
Corporate Lawyer
Conveyancing Lawyer
Property Consultant
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