Document background
The Owner Financed Sales Contract is a specialized agreement used in Malaysian property transactions where traditional bank financing is either not preferred or not available. This document is particularly relevant when sellers are willing to finance the buyer's purchase directly, creating a more flexible alternative to conventional mortgage arrangements. It combines elements of a standard property sale agreement with detailed financing terms, ensuring compliance with Malaysian property law, the National Land Code 1965, and financial regulations. The contract typically includes comprehensive provisions for property transfer, payment schedules, interest calculations, security arrangements, and default remedies. This type of agreement is commonly used in both residential and commercial property transactions, particularly in situations where buyers may not qualify for traditional bank financing or when more flexible payment terms are desired. The document must be carefully structured to protect both parties' interests while ensuring enforceability under Malaysian law.
