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Sale of Real Property - Step-by-Step Guide & Precedents

Introductions to the Sale of real property

Overview

Land ownership in general

The distinctive feature of leashold properties

Nature of transaction

Selling property to a foreigner

Getting the matter underway

Role of a solicitor

Liability towards clients

Initial precedents for file opening

File cover sheetInstruction sheetVendor checklist - With titlevendor checklist - without titleInitial letter to client confirming instructions

Searches

Contract

Contract

Formation

Offer / proposal

Acceptance

Intention to create legal relations

Consideration

Essential preliminaries for a property WITH title

Essential preliminaries for a property WITHOUT title

Sending initial information precedents

Letter sending initial information to Purchaser's SolicitorLetter sending comments on draft Sale & Purchase Agreement

Concluding negotiations

Agreement

Agreement

Precedents following agreement

Statutory Declaration-no bankruptcyLetter of Authorization to act for vendor to deal with the vendor's financier's

Solicitors remuneration order

Bill for legal services and disbursementsLetter to vendor asking them to come in and sign documentation

Execution

Receipt precedents

Receipt for payment of legal servicesLetter sending duly executed documents and relevant information to Purchaser's SolicitorLetter to vendor enclosing balance deposit

Mid transaction

Caveats

Stamp duty

Real property gains tax

Letter to vendor enclosing a copy of the dated and stamped agreementLetter for CKHT Submission

Strata Titles Act 1985

Overview

Building & Common Property (Maintenance & Management) Act 2007

The pre-requisites for the establishment of the joint management body

Developer’s role prior to the establishment of the joint management body

Building maintenance account

Composition of the joint management body

Duties of the joint management body

Powers of the joint management body

If Required

Procedure for application for developer’s consent (properties without title)

Letter requesting developer consentLetter to purchaser's solicitor enclosing a copy of the consentLetter to purchaser's solicitor confirming completion date

If Required

Procedure for application for state authority consent

Letter to financier seeking 'letter of no objection'Cover letter for submission of State Authority ConsentLetter to purchaser's solicitor enclosing state auth approval letterLetter to purchaser's solicitor confirming completion date

Redemption sum

Overview

Request for redemption statement

Letter requesting redemption statement cum undertaking in favour of purchasers financier (property without title)

Finance precedents

Letter of undertaking to refund loan sum (property with title)Letter of undertaking to refund loan sum (property without title)Letter of Undertaking to financier's solicitorLetter of undertaking to bankLetter to purchaser's solicitor confirming receipt of differential funds

Procedure upon receipt of redemption sum – properties with title

Letter of redemption of property

Procedure upon receipt of redemption sum – properties without title

Deed of Receipt & ReassignmentLetter to financier closing the Deed of Receipt and Reassignment and redemption sum chequeLetter to purchaser's solicitor enclosing Deed of Receipt and Reassignment and redemption sum chequeLetter to developer enclosing Deed of Receipt and Reassignment and Deed of Assignment for endorsement

Finalisation

Final precedents and letters

Letter to purchaser's solicitor enclosing final documents, keys and access codesLetter to vendor finalising matter

This publication is available as part of:

Sale of Real Property - Step by Step Guide & Precedents

This step by step guide provides a comprehensive directory and convenient precedents which will help ensure a smooth and easy property sale.

This publication will guide you from the point of negotiation straight through to transfer of title. The guide includes practical commentary ensuring that no issues are overlooked together with a broad range of precedents.

All matters are covered including;

  • Land Title Searches
  • Bankruptcy Searches
  • Essential preliminaries for property with OR without title
  • Caveats
  • Strata Title Act 1985
  • Finalisation

This guide is written by lawyers for lawyers and consequently it is practical, efficient and easy to use.

About the author

This guide has been authored by Jayadeep Hari & Jamil with By Lawyers For Lawyers.
Jayadeep Hari & Jamil is a law firm operating in Kuala Lumpur with branch offices in Selangor and Kelantan. Established in 1997, the firm works in a number of areas of law including corporate & commercial, litigation and conveyancing... See more.

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