If you`re planning to buy or sell a used car in Malaysia, it`s important to have a sales agreement in place to protect both parties. A sales agreement is a legal document that outlines the terms and conditions of the transaction, including the price, condition of the vehicle, and any warranties or guarantees included.
To help you get started on drafting a sales agreement, we`ve prepared a used car sales agreement template for Malaysia. This template covers all the essential aspects of a sales agreement and can be customized to suit your specific needs.
Used Car Sales Agreement Template Malaysia
This agreement is made on [date] between [seller`s name and address] (“Seller”) and [buyer`s name and address] (“Buyer”) for the sale of a used car with the following details:
Make and Model: [insert make and model]
Registration Number: [insert registration number]
Year of Manufacture: [insert year of manufacture]
Chassis Number: [insert chassis number]
Engine Number: [insert engine number]
Mileage: [insert mileage]
Price and Payment
The total purchase price for the car is RM [insert price] (“Purchase Price”). The Buyer agrees to pay the Purchase Price to the Seller in the following manner:
Deposit: RM [insert deposit amount] upon signing of this agreement
Balance: RM [insert balance amount] on or before [insert date]
The Buyer shall make payment in cash or by bank transfer to the Seller`s bank account [insert account details].
Condition of the Car
The car is sold “as is” and the Buyer acknowledges that he/she has inspected the car and is satisfied with its condition. The Seller makes no warranties or guarantees, expressed or implied, as to the condition, fitness for purpose, or roadworthiness of the car.
Transfer of Ownership
The Seller agrees to transfer ownership of the car to the Buyer upon full payment of the Purchase Price. The Seller shall provide all necessary documents for the transfer, including the registration card, road tax, and insurance certificate.
Warranties and Guarantees
The Seller does not provide any warranties or guarantees, expressed or implied, with regard to the car. However, if there are any defects in the car that were not disclosed by the Seller, the Buyer may return the car within [insert number] days of the purchase date for a full refund.
The Buyer acknowledges that he/she is responsible for any damages or liabilities arising from the use of the car after the transfer of ownership. The Buyer agrees to indemnify and hold harmless the Seller from any and all claims, damages, or losses arising from the use or operation of the car after the transfer of ownership.
Governing Law and Jurisdiction
This agreement shall be governed by and interpreted in accordance with the laws of Malaysia. Any disputes arising from this agreement shall be resolved through the courts of Malaysia.
It is always advisable to have a written sales agreement when buying or selling a used car in Malaysia. This template can be used as a starting point for drafting your own agreement, but it is essential to customize the terms and conditions to suit your specific needs. Be sure to read the agreement carefully before signing to ensure that you understand and agree to all the terms and conditions.