Conditions of sale are terms inserted into the Offer to Purchase by both the Buyer and Seller.
Commonly, these conditions of sale include: subject to finance and bond approval, subject to a sale of another property, and subject to the specialist inspection approvals.
An Offer to Purchase must include a condition that the sale is subject to a bond approval being obtained within a realistic amount of time.
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Date: ______________
Attention: Director of__
Insan Jaya Sdn Bhd_
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RE: Property : Parcel No. ___, Floor No. ___, Suria Apartments held under H.S(M) 173-179 P.T. No. 3644 Tempat Kelibang, Mukim Kuah, Daerah Langkawi, Kedah
Vendor : Insan Jaya Sdn Bhd
Purchaser(s) :
Purchase Price :
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I/We refer to above matter.
I/We hereby confirmed that we have deposited a sum of Ringgit Malaysia _____________________ (RM__________) only (“the Deposit”) being the deposit for my/our offer to the purchase of the above said Property (“the Property”) with Messrs ___________ of ____________________________ (“the Solicitor”).
I/We hereby state(s) that the nature of the Deposit shall be as follows:
- The Deposit will be refunded to me/us without interest in the event that my/our offer to purchase the Property is being rejected by you;
- The Payment of the Deposit shall not in any way amount to any legal acceptance by you unless and until you have given the acceptance in a written form to us;
- The payment of the Deposit shall not in any way give/provide me/us any legal right to enter any caveat on the master title of which the Property is to be erected thereon and is shall not entitle to me/us to the remedy of specific performance in any way;
- Pursuant to paragraph (a) above, in the event if my/our offer is being rejected by you by whatsoever reason(s), I/We shall give a written notice by way of A.R Registered Post addressing to the Solicitors to release and refund the Deposit within sixty (60) days from the date of the receipt thereto me/us;
- If my/our offer is being accepted by you, then the Deposit shall be treated as part payment of the said Purchase Price for the above-said property;
- Pursuant to paragraph (e), the Solicitors shall release the Deposit to you immediately with my/our deemed authority upon receipt of a written notice by A.R Registered Post to the Solicitors by you informing the Solicitors of the acceptance;
- I/We Hereby agrees to sign the Sale and Purchase Agreement and all other necessary documents (“the Agreements”) as required by you upon your acceptance of my/our offer;
- In the event if the my/our offer to purchase the said Property is accepted by you subject to paragraph (f) and the Sale and Purchase Agreement is not executed by me/us within 14 days for whatsoever reasons from the date of the written notice by you, then the Deposit shall be forfeited without and further notice given to me/us;
- In addition but not in derogation to paragraph (f), you shall have the absolute right and discretion to determine the terms and conditions in the Agreements and if the failure to complete the Agreements are due to any disagreement to any of the terms and conditions contained therein, such disagreement shall be deemed treated as my/our failure to comply with paragraph (h) and the Deposit shall be forfeited without any further notice given to me/us;
- If no written notice by you is given to me/us before____________, then my/our offer is deemed rejected by you and I/We shall give a written notice by A.R Registered Post to the Solicitors to release and refund the Deposit within sixty (60) days from the date of receipt thereto to me/us;
- In the event is I/We decided to withdraw my/our offer before ____________, then the Deposit shall be returned to me/us without interest less any administration charges to be incurred by your goodself;
- I/We hereby agree(s) that the Solicitors are only a stakeholder here and are acting according to the terms contained herein and shall not be held liable for any consequences arising hereof.
Yours faithfully,
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Signature
