Sales and Purchase Agreement in Malay: Understanding the Basics
A Sales and Purchase Agreement (SPA) is a contract between a seller and a buyer that outlines the terms and conditions of a transaction. This agreement is a critical document that must be prepared with care, as it safeguards the interests of both parties. In Malaysia, it is common for such agreements to be drawn up in Malay, the national language. Here, we will take a closer look at the basics of a Sales and Purchase Agreement in Malay.
A Sales and Purchase Agreement in Malay is known as Surat Perjanjian Jual Beli or “SPJB”. This document can be in the form of a standard agreement or a customized one based on specific requirements. The SPJB should contain the details of the property or asset being sold, such as its address, size, and specifications. It should also include the details of the buyer and the seller, including their names, addresses, and identification numbers. The agreement must be signed by both parties, and each party should receive a copy.
Pertimbangan dan Terma-Terma
The SPJB is a legally binding contract, and therefore, it must contain specific terms and conditions that both parties agree to abide by. Some of the critical terms that must be included in the agreement include the price of the property or asset, the payment terms, and the completion date of the transaction. Other terms that may be added to suit the transaction`s particular circumstances include warranties, representations, and indemnities.
The SPJB should also outline the conditions that must be met for the transaction to be completed successfully. These conditions may include securing financing for the transaction, obtaining the necessary permits and approvals, and completing inspections and surveys of the property or asset. The agreement should also outline the consequences of any failure to meet these conditions.
Penutup dan Pelaksanaan
Once the transaction`s terms and conditions have been agreed upon, and the conditions have been met, the buyer and seller can proceed with the execution of the agreement. The SPJB should outline the steps to be taken to complete the transaction, including the transfer of ownership and the payment of any fees or taxes. It should also specify the timeframe within which the transfer of ownership must take place.
A Sales and Purchase Agreement in Malay is an essential document that protects the interests of both the buyer and the seller in a transaction. It outlines the terms and conditions of the sale and purchase, the conditions that must be met, and the consequences of any failure to meet those conditions. If you need assistance in drafting an SPJB, seek the help of a professional who understands the legal and linguistic aspects of the agreement.