The Lease Transfer Agreement is a crucial document used when an existing tenant wishes to transfer their leasehold rights and obligations to a new tenant in Malaysia. This type of agreement is commonly required in situations where a business is being sold, a tenant needs to relocate, or circumstances necessitate an early exit from a lease commitment. The document must comply with Malaysian property and contract laws, particularly the National Land Code 1965 and the Contracts Act 1950. It includes essential details such as party information, property specifications, transfer terms, financial arrangements, and the required landlord's consent. The agreement ensures a smooth transition of tenancy while protecting the interests of all parties involved and maintaining legal compliance with Malaysian property regulations.
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1. Parties: Identifies and provides full details of the Transferor (current tenant), Transferee (new tenant), and Landlord
2. Background: Explains the existing lease arrangement and the intention to transfer the lease
3. Definitions: Defines key terms used throughout the agreement
4. Transfer and Acceptance: Core provision detailing the transfer of lease rights and obligations from Transferor to Transferee
5. Consideration: States the amount payable (if any) for the transfer of the lease
6. Effective Date: Specifies when the transfer takes effect
7. Landlord's Consent: Documents the Landlord's approval of the transfer
8. Transferor's Warranties: Warranties regarding the lease status, payments, and property condition
9. Transferee's Covenants: New tenant's commitments to comply with original lease terms
10. Handover Provisions: Details about physical possession, keys, and property condition
11. Governing Law: Specifies Malaysian law as governing law
12. Execution: Signature blocks for all parties
1. Security Deposit Transfer: Required when there's a transfer or replacement of security deposit
2. Outstanding Payments: Needed when addressing any rent arrears or pending payments
3. Renovation and Restoration: Include when there are specific arrangements about existing alterations or restoration requirements
4. Assignment of Contracts: Required when transferring related contracts (e.g., maintenance agreements)
5. Break Clause: Include if parties want to maintain or modify any early termination rights
6. Indemnification: Additional protection clauses for specific risks or liabilities
7. Dispute Resolution: Detailed dispute resolution procedures if desired beyond basic governing law
1. Schedule 1 - Original Lease: Copy or details of the original lease agreement
2. Schedule 2 - Property Details: Detailed description of the leased property including address and specifications
3. Schedule 3 - Inventory List: List of fixtures, fittings, and equipment included in the transfer
4. Schedule 4 - Outstanding Obligations: List of any ongoing obligations or pending matters
5. Schedule 5 - Condition Report: Current condition of the property at transfer
6. Appendix A - Landlord's Consent Letter: Formal written consent from the landlord
7. Appendix B - Transfer Forms: Any statutory forms required for the transfer
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