Sales & Purchase Agreement

Legal Framework

In Sabah, property transactions are governed by a distinct set of laws and regulations. These include the Sabah Land Ordinance and various related statutory provisions that must be adhered to during the drafting and execution of a Sales & Purchase Agreement. Understanding these legal requirements is vital for ensuring that the agreement is legally binding and enforceable.

Process

The process of drafting and executing a Sales & Purchase Agreement in Sabah typically involves several key steps:

• Initial Negotiations: Both parties discuss and agree on the terms of the sale, including the purchase price, payment schedule, and any special conditions.

• Drafting the Agreement: Legal professionals draft the agreement, ensuring that all terms are clearly defined and compliant with Sabah’s legal framework.

• Review and Approval: Both parties review the agreement, often with the assistance of their legal counsel, to ensure that their interests are adequately protected.

• Execution and Payment: Once both parties are satisfied, the agreement is signed, and the initial payment (if any) is made.

• Transfer of Ownership: After the full payment is completed, the property ownership is officially transferred to the buyer.

Common Issues

Some of the common issues that arise during the execution of a Sales & Purchase Agreement in Sabah include:

• Disputes Over Terms: Misunderstandings or disagreements about the terms of the agreement can lead to legal disputes.

• Non-Compliance with Local Laws: Failure to adhere to Sabah’s specific legal requirements can render the agreement invalid.

• Delays in Payment or Transfer: Any delays in payment or the transfer of ownership can cause significant issues for both parties.

How We Help

At Michele Sim & AP Lee, we understand the intricacies of property transactions in Sabah. Our team of experienced lawyers is skilled in drafting and reviewing Sales & Purchase Agreements to ensure that they are legally sound and protect our clients' interests. We offer personalized legal advice and representation throughout the entire transaction process, helping to mitigate risks and resolve any issues that may arise.