Document background
The Letter of Agreement Between Buyer and Seller of Land is a crucial document in Malaysian property transactions, serving as an initial binding agreement between parties before the execution of a full Sale and Purchase Agreement. This document is particularly useful in situations where parties need to quickly formalize their intent and agree on key terms while detailed documentation is being prepared. It must comply with Malaysian law, particularly the National Land Code 1965, Contracts Act 1950, and relevant state land rules. The document typically includes essential information such as party details, property description, purchase price, payment terms, and completion timeline. While more concise than a full sale and purchase agreement, it creates legally binding obligations and should be drafted with careful consideration of both parties' interests and legal requirements.
