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What is a Sales & Purchase Agreement when buying a House? Why is it so Important?

Sales & Purchase Agreement, which also call SPA in short. For those who not buy any property before, some of you may not heard this agreement or any of this information.

However, as a purchaser or agent, once we are in the progress of purchasing or selling a property, we will see this agreement at the beginning of this transaction.

But what is this agreement for? Why is it important?

What is Sales & Purchase Agreement (SPA) ?

Sales & Purchase Agreement (SPA) is a legal binding contract which outlines the details of sales between buyer & seller. SPA will go through your seller or agent of the property & accompany by a lawyer. Once SPA was signed, you're essentially closing the deal & no further negotiations can take place for both parties.

Now we know what is a SPA. But isn't it just an normal agreement to buy a house? Why is it so important for me as a purchaser or agent?

Why Sales & Purchase Agreement (SPA) so Important?

Sales & Purchase Agreement (SPA) protects purchaser by ensuring seller cannot change the terms & conditions to their benefits like the price of property, the packages provided, unit number etc.

For example, the price of the property offered by seller is RM 500,000.00 & written into the SPA (purchaser should check & make sure the amount is correct & same as they promised), purchaser will only have to pay this amount to the seller for this property.

Furthermore, it also protect the seller of the property. It ensure purchaser understand & agreed all the terms & condition.

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