Property Assignment Contract Template for Malaysia

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Key Requirements PROMPT example:

Property Assignment Contract

"I need a Property Assignment Contract for a residential property in Kuala Lumpur, Malaysia, with completion scheduled for March 15, 2025; the property is currently unencumbered and will be purchased with cash."

Document background
The Property Assignment Contract is a crucial legal instrument in Malaysian property transactions, used when transferring ownership rights of real property from one party to another. This document is essential in both residential and commercial property transactions throughout Malaysia, requiring compliance with the National Land Code 1965, Contracts Act 1950, and other relevant property legislation. It's particularly important as it forms the basis for the subsequent registration of the property transfer at the land office and ensures that all necessary legal requirements, including proper property description, consideration details, and warranties, are properly documented. The contract must address specific Malaysian legal requirements such as stamp duty obligations, real property gains tax considerations, and where applicable, restrictions on foreign ownership. It's commonly used in various scenarios including private property sales, corporate real estate transactions, and property development projects.
Suggested Sections

1. Parties: Identification of the Assignor and Assignee with full names, identification numbers, and addresses

2. Background: Recitals establishing the Assignor's ownership, property details, and intention to assign

3. Definitions: Definitions of key terms used throughout the agreement

4. Agreement to Assign: Core provision detailing the assignment of the property from Assignor to Assignee

5. Property Description: Detailed description of the property being assigned including title details and registration particulars

6. Purchase Price: Statement of the consideration amount and payment terms

7. Completion: Terms and conditions for completion of the assignment including timing and procedure

8. Assignor's Warranties: Warranties regarding title, encumbrances, and condition of the property

9. Registration and Transfer: Procedures for registration of the transfer at the land office

10. Costs and Expenses: Allocation of legal fees, stamp duty, and registration fees

11. Notices: Procedure for serving notices between parties

12. Governing Law: Specification of Malaysian law as governing law

13. Execution: Signature blocks and attestation requirements

Optional Sections

1. Existing Tenancies: Required if the property is subject to existing tenancy agreements

2. Condition of Property: Detailed when specific property conditions need to be acknowledged

3. Planning Permissions: Necessary for properties requiring specific land use permissions

4. Foreign Investment Approval: Required when the Assignee is a foreign entity or person

5. Bank Consent: Needed if the property is subject to an existing charge or mortgage

6. Strata Title Provisions: Required for properties under strata titles

7. Service Charges: Relevant for properties in managed developments

8. Tax Indemnity: Optional protection regarding Real Property Gains Tax obligations

Suggested Schedules

1. Schedule 1 - Property Details: Comprehensive property description including lot number, title details, and land area

2. Schedule 2 - Purchase Price Payment Schedule: Breakdown of payment terms and installments if applicable

3. Schedule 3 - Title Documents: List of all title documents to be handed over upon completion

4. Schedule 4 - Existing Encumbrances: Details of any existing charges, caveats, or other encumbrances

5. Schedule 5 - Form 14A: Statutory transfer form required under the National Land Code

6. Schedule 6 - Vendor's Title Documents: Copies of relevant title documents and previous assignments

7. Appendix A - Property Plans: Approved plans and drawings of the property

8. Appendix B - Regulatory Approvals: Copies of relevant permits and approvals

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

Property Development

Banking and Finance

Legal Services

Construction

Property Management

Corporate Real Estate

Residential Housing

Commercial Property

Industrial Property

Relevant Teams

Legal

Real Estate

Property Management

Corporate Secretarial

Compliance

Finance

Asset Management

Facilities Management

Risk Management

Operations

Relevant Roles

Property Lawyer

Real Estate Agent

Property Manager

Corporate Lawyer

Land Officer

Property Developer

Real Estate Director

Legal Counsel

Conveyancing Executive

Company Secretary

Property Investment Manager

Asset Manager

Facilities Manager

Real Estate Transaction Manager

Compliance Officer

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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