The Assignment Of Purchase And Sale Agreement is a crucial document in Malaysian property transactions where the original purchaser wishes to transfer their rights and obligations to a new buyer before the property's title has been issued. This document is commonly used in the Malaysian real estate market, particularly for properties under construction or where separate title has not yet been issued. It must comply with Malaysian property law, including the National Land Code 1965 and relevant property regulations. The agreement typically includes details of the original purchase, the terms of assignment, consideration amount, and any required consents from developers or financial institutions. It's essential for protecting all parties' interests and ensuring a legally valid transfer of property rights.
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1. Parties: Identification of the Assignor (original purchaser), Assignee (new purchaser), and Developer/Vendor (if consenting party)
2. Background: Recitals explaining the original sale and purchase agreement, reason for assignment, and current status of the property
3. Definitions: Key terms used throughout the agreement including Property, Original SPA, Purchase Price, Assignment Sum
4. Assignment: Core clause transferring all rights, title, and interest in the Original SPA from Assignor to Assignee
5. Consideration: Details of the assignment sum and payment terms
6. Assignor's Representations and Warranties: Warranties regarding ownership, right to assign, and status of the Original SPA
7. Completion: Requirements and procedures for completing the assignment
8. Costs and Stamp Duty: Allocation of legal costs, stamp duty, and other expenses
9. Notices: Communication procedures between parties
10. Governing Law: Specification of Malaysian law as governing law and jurisdiction
1. Developer's Consent: Required when developer's consent is necessary for the assignment
2. Outstanding Payments: Include when there are existing payment obligations to be addressed
3. Bank's Consent: Required when the property is subject to bank financing
4. Power of Attorney: Include when Assignee grants power of attorney for completion matters
5. Tax Indemnity: Include when specific tax implications need to be addressed
6. Conditions Precedent: When assignment is subject to specific conditions being met
1. Schedule 1 - Property Details: Detailed description of the property including title particulars
2. Schedule 2 - Original Sale and Purchase Agreement: Copy or details of the original SPA being assigned
3. Schedule 3 - Payment Schedule: Breakdown of assignment consideration and payment terms
4. Schedule 4 - Outstanding Payments: List of any outstanding payments under the Original SPA
5. Appendix A - Developer's Consent Letter: Copy of developer's consent to the assignment
6. Appendix B - Title Documents: Copies of relevant title documents and certificates
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Relevant Teams
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Risk Management
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Relevant Roles
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