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Real Estate Contract Assignment Agreement

Real Estate Contract Assignment Agreement Template for Malaysia

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Key Requirements PROMPT example:

Real Estate Contract Assignment Agreement

"I need a Real Estate Contract Assignment Agreement for transferring my rights to purchase a luxury condominium unit in Kuala Lumpur to an overseas investor, with completion scheduled for March 2025; the original developer's consent will be required and there's an existing bank loan to be considered."

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Document background
A Real Estate Contract Assignment Agreement is essential in Malaysian property transactions where one party wishes to transfer their contractual rights and obligations to another party. This document is commonly used in situations involving property under construction, subsale transactions, or when investors want to transfer their purchase rights before the property's completion. The agreement must comply with Malaysian property laws, including the National Land Code 1965 and Contracts Act 1950, and typically requires consent from the original developer or contract party. It includes crucial details about the property, consideration amount, payment terms, and any conditions precedent to the assignment. The document is particularly important in Malaysia's dynamic property market, where assignments are common in both residential and commercial sectors.
Suggested Sections

1. Parties: Identification of the Assignor, Assignee, and Original Contract Party (if applicable)

2. Background: Recitals explaining the original contract, the intent to assign, and any necessary context

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. Assignment: Core provisions detailing the rights and obligations being assigned

5. Consideration: Details of the payment or other consideration for the assignment

6. Effective Date: Specification of when the assignment takes effect

7. Assignor's Warranties: Warranties regarding ownership, right to assign, and status of the original contract

8. Assignee's Covenants: Assignee's commitments to perform the assigned obligations

9. Original Contract Party's Consent: Acknowledgment and consent from the original contract party

10. Compliance with Laws: Provisions ensuring compliance with Malaysian property and assignment laws

11. Notices: Procedures for giving notices under the agreement

12. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction

13. Execution: Formal execution provisions complying with Malaysian requirements

Optional Sections

1. Conditions Precedent: Used when the assignment is subject to specific conditions being met first

2. Stamp Duty Declaration: Required when parties need to specify responsibility for stamp duty payment

3. Property Management Transition: Included when there are ongoing property management responsibilities

4. Original Developer's Rights: Needed when the property involves an original developer with continuing rights

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

6. Bank Consent: Needed when the property has existing financing or requires bank approval

7. Real Estate Agent Provisions: Including when real estate agents are involved in the transaction

Suggested Schedules

1. Property Details: Detailed description of the property including title particulars and address

2. Original Contract: Copy or details of the original contract being assigned

3. Payment Schedule: Breakdown of payment terms and installments if applicable

4. Existing Encumbrances: List of any existing charges, liens or encumbrances on the property

5. Required Consents: List of all required consents and their status

6. Outstanding Obligations: Details of any outstanding obligations under the original contract

7. Property Condition Report: Current condition of the property if relevant to 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

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 Management

Real Estate Investment

Housing Development

Commercial Property

Residential Property

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Operations

Investment

Asset Management

Documentation

Risk Management

Contract Administration

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Property Developer

Legal Counsel

Conveyancing Executive

Contract Administrator

Property Investment Manager

Real Estate Investment Director

Compliance Officer

Real Estate Transaction Manager

Property Rights Administrator

Industries
Contracts Act 1950: Primary legislation governing contract formation, validity, and enforcement in Malaysia, ensuring the assignment agreement meets basic contractual requirements
National Land Code 1965: Fundamental law governing land matters in Peninsular Malaysia, including provisions for property transfers and assignments
Stamp Act 1949: Regulates the stamp duty payable on property assignment agreements and related documents
Housing Development (Control and Licensing) Act 1966: Relevant if the property involves residential housing development, protecting purchasers' interests in property transactions
Strata Titles Act 1985: Applicable if the property is a strata property, governing subdivision of buildings and management of strata properties
Real Estate and Housing Developers' Association (REHDA) Guidelines: Industry guidelines for property transactions and developments that may affect assignment procedures
Law of Property Act 1925 (Common Law principles): While not Malaysian legislation, these common law principles are often referenced in Malaysian property law due to the common law heritage
Real Property Gains Tax Act 1976: Governs tax implications on gains from property assignments and disposals
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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