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Agreement To Assign Contract For Sale And Purchase

Agreement To Assign Contract For Sale And Purchase Template for Malaysia

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Key Requirements PROMPT example:

Agreement To Assign Contract For Sale And Purchase

"I need an Agreement To Assign Contract For Sale And Purchase for a luxury condominium unit in Kuala Lumpur, where I'm the original purchaser assigning my rights to a foreign investor, with completion scheduled for March 2025 and developer's consent required."

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Document background
The Agreement To Assign Contract For Sale And Purchase is a crucial document in Malaysian property transactions, particularly utilized when the original purchaser wishes to transfer their rights and obligations under an existing Sale and Purchase Agreement to a new buyer before the property's individual title is issued. This document is essential in situations where direct transfer of title is not yet possible, commonly occurring in new development projects or subsale transactions. The agreement must comply with Malaysian property laws, including the National Land Code 1965 and relevant state regulations. It contains detailed provisions regarding the assignment price, payment terms, warranties, and obligations of all parties involved. The document also typically requires the developer's consent and may need to address existing financing arrangements.
Suggested Sections

1. Parties: Identifies the Assignor (original purchaser), Assignee (new purchaser), and Developer/Vendor (from original agreement)

2. Background: Recitals explaining the original Sale and Purchase Agreement and the intention to assign the rights and obligations

3. Definitions: Defines key terms used throughout the agreement including Property, Original Agreement, Purchase Price, Assignment Price

4. Agreement to Assign: Core clause establishing the assignment of rights and obligations from the Original Agreement

5. Assignment Price and Payment Terms: Details of the consideration payable for the assignment and payment structure

6. Completion Mechanics: Process and requirements for completing the assignment transaction

7. Assignor's Warranties: Warranties regarding the Original Agreement, property status, and authority to assign

8. Assignee's Covenants: Commitments to comply with Original Agreement terms and indemnify the Assignor

9. Conditions Precedent: Prerequisites that must be fulfilled before the assignment becomes effective

10. Stamp Duty and Costs: Allocation of responsibility for stamp duty, legal fees, and other transaction costs

11. Notices: Requirements for giving formal notices under the agreement

12. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and amendments

Optional Sections

1. Developer's Consent: Required when the Original Agreement or law requires developer's consent for assignment

2. Bank's Consent: Needed if the property is under financing or if new financing arrangements are involved

3. Tax Provisions: Specific tax-related clauses if the transaction has particular tax implications

4. Real Estate Agent Commission: Include if a real estate agent is involved in facilitating the assignment

5. Strata Title Provisions: Required for assignments involving strata properties

6. Construction Status: Relevant for properties under construction, addressing completion status and warranties

Suggested Schedules

1. Schedule 1 - Property Details: Comprehensive description of the property including address, title details, and specifications

2. Schedule 2 - Original Sale and Purchase Agreement: Copy or details of the original agreement being assigned

3. Schedule 3 - Payment Schedule: Detailed breakdown of assignment price payment terms and installments

4. Schedule 4 - Outstanding Payments: List of remaining payments due under the Original Agreement

5. Schedule 5 - Completion Documents: List of documents required for completion of the assignment

6. Appendix A - Developer's Consent Letter: If applicable, the formal consent from the developer for the assignment

7. Appendix B - Property Documents: Copies of relevant property documents including title, plans, and permits

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Property Development

Construction

Banking & Finance

Legal Services

Property Investment

Housing Development

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Sales

Finance

Risk Management

Operations

Customer Service

Documentation

Relevant Roles

Property Lawyer

Real Estate Agent

Property Developer

Legal Counsel

Conveyancing Executive

Property Manager

Compliance Officer

Real Estate Investment Manager

Housing Development Manager

Property Transaction Officer

Legal Director

Real Estate Finance Manager

Industries
Contracts Act 1950: Primary legislation governing contract formation, validity, and enforcement in Malaysia. Crucial for ensuring the assignment agreement meets basic contract law requirements.
National Land Code 1965: Regulates land matters and property transactions in Peninsular Malaysia, including requirements for property transfers and registrations.
Stamp Act 1949: Governs the stamp duty payable on instruments including assignments and property sale and purchase agreements.
Housing Development (Control and Licensing) Act 1966: Relevant if the property involves residential development, protecting purchasers' interests in housing developments.
Civil Law Act 1956: Supplements the Contracts Act and provides additional legal principles applicable to contractual relationships and property matters.
Specific Relief Act 1950: Provides remedies and enforcement mechanisms for contractual breaches, particularly relevant for specific performance in property transactions.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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