The Assignable Real Estate Contract is a specialized legal instrument used in Malaysian property transactions where the initial purchaser may need to transfer their contractual rights to another party before completion. This document is particularly relevant in pre-completion property sales, investment purchases, and development projects where assignment rights add valuable flexibility to the transaction. It incorporates all necessary elements required by Malaysian law, including compliance with the National Land Code 1965, state-specific land rules, and relevant property legislation. The contract includes comprehensive provisions for property description, payment terms, completion procedures, and detailed assignment mechanisms, making it suitable for both straightforward property transfers and complex transactions involving potential future assignments.
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1. Parties: Identification of the Vendor, Purchaser, and potential rights of assignees
2. Background: Context of the transaction and brief property description
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, and Assignment Rights
4. Property Details: Complete legal description of the property including title details, lot number, and land area
5. Purchase Price: Agreement on purchase price, payment terms, and deposit arrangements
6. Assignment Rights: Terms and conditions governing the right to assign the contract, including notice requirements and restrictions
7. Completion: Completion date, delivery of vacant possession, and completion procedures
8. Vendor's Obligations: Responsibilities of the vendor including providing good title and necessary documentation
9. Purchaser's Obligations: Responsibilities of the purchaser including payment and due diligence
10. Representations and Warranties: Statements of fact and promises by both parties regarding the property and their capacity to enter into the agreement
11. Conditions Precedent: Conditions that must be fulfilled before completion can occur
12. Default and Termination: Consequences of breach and circumstances allowing termination
13. Notices: Process for serving notices between parties
14. Governing Law: Confirmation of Malaysian law as governing law and jurisdiction
1. Strata Title Provisions: Required if the property is a stratified property, covering management corporation rules and maintenance fees
2. Developer's Consent: Required if the property is still under developer's control or has restrictions on assignment
3. Bank Consent: Required if the property is charged to a bank and requires discharge
4. Tenancy Provisions: Required if the property is subject to existing tenancies
5. GST/Tax Provisions: Required if specific tax arrangements need to be addressed
6. Property Condition: Detailed provisions about the state and condition of the property if not sold 'as is'
7. Assignment Fees: Required if there are specific fees or charges related to assignment rights
8. Real Estate Agent: Required if a real estate agent is involved in the transaction
1. Schedule 1 - Property Details: Detailed property information including exact measurements, boundaries, and title particulars
2. Schedule 2 - Purchase Price Payment Schedule: Breakdown of payment installments and timing
3. Schedule 3 - Property Inventory: List of fixtures, fittings, and other items included in the sale
4. Schedule 4 - Assignment Procedures: Detailed procedures and requirements for assigning the contract
5. Appendix A - Property Documents: Copies of title documents, land search, and other relevant property documentation
6. Appendix B - Property Plans: Floor plans, location maps, and other relevant drawings
7. Appendix C - Regulatory Approvals: Copies of relevant permits, certificates, and approvals
8. Appendix D - Form of Assignment: Template or prescribed form for future assignment of the contract
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