Assignment Of Rental Agreement Template for Malaysia

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Key Requirements PROMPT example:

Assignment Of Rental Agreement

"I need an Assignment of Rental Agreement for my retail shop space in Kuala Lumpur, where I'm transferring my existing 3-year lease to a new tenant effective March 1, 2025, with landlord's consent already obtained."

Document background
The Assignment Of Rental Agreement is a crucial legal instrument in Malaysian property law that facilitates the transfer of tenancy rights and obligations. It is commonly used when an existing tenant needs to exit a lease early and has found another party willing to take over the remaining lease term. The document must comply with Malaysian legal requirements, including the Contracts Act 1950 and relevant property laws, and typically requires formal landlord approval. It should detail the original lease terms, clearly identify all parties, specify the premises, and outline any specific conditions of the assignment. This document is particularly important in both commercial and residential settings, ensuring a smooth transition of tenancy while maintaining legal protections for all parties involved. The assignment should be properly stamped under the Stamp Act 1949 to be admissible in Malaysian courts.
Suggested Sections

1. Parties: Identifies the Assignor (current tenant), Assignee (new tenant), and Landlord

2. Background: Recites the existence of the original tenancy agreement, its key terms, and the intention to assign

3. Definitions: Defines key terms used throughout the agreement including 'Assignment Date', 'Premises', 'Original Lease', etc.

4. Assignment: Core clause transferring all rights, title, and interest in the tenancy from Assignor to Assignee

5. Consideration: States any payment or consideration for the assignment

6. Assignee Covenants: Assignee's undertaking to perform all tenant obligations under the original lease

7. Assignor Warranties: Warranties regarding the current status of the lease, outstanding payments, and condition of premises

8. Landlord's Consent: Confirmation of the landlord's approval of the assignment

9. Effective Date: Specifies when the assignment takes effect

10. Governing Law: Confirms Malaysian law governs the agreement

Optional Sections

1. Security Deposit Transfer: Details the transfer of security deposit from Assignor to Assignee, used when there's an existing deposit to be transferred

2. Outstanding Payments: Addresses any unpaid rent or utilities, used when there are pending payments to be settled

3. Condition of Premises: Detailed description of property condition, used when specific property issues need to be documented

4. Utilities and Services: Handling of utility accounts and ongoing services, used when there are specific arrangements for utilities transfer

5. Further Assurance: Additional cooperation obligations, used in complex assignments requiring further documentation

6. Broker/Agent Provisions: Details of any broker involvement and fees, used when the assignment involves property agents

Suggested Schedules

1. Schedule 1 - Original Lease: Copy or key terms of the original tenancy agreement being assigned

2. Schedule 2 - Property Details: Detailed description of the premises including address and any included fixtures/fittings

3. Schedule 3 - Inventory List: List of any furniture or items included in the tenancy

4. Schedule 4 - Outstanding Payments: Detailed list of any unpaid rent, utilities, or other charges

5. Schedule 5 - Condition Report: Current condition of the premises with photographs if applicable

6. Appendix A - Landlord's Consent Letter: Written consent from landlord approving the assignment

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

Relevant Industries

Real Estate

Residential Property

Commercial Property

Retail

Hospitality

Office Space

Industrial Property

Education

Healthcare

Professional Services

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Administration

Compliance

Property Management

Contract Administration

Corporate Services

Risk Management

Relevant Roles

Property Manager

Real Estate Agent

Facilities Manager

Legal Counsel

Tenant Relations Manager

Corporate Real Estate Manager

Leasing Administrator

Property Administrator

Contract Manager

Operations Manager

Compliance Officer

Real Estate Director

Industries
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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