The Real Estate Contract Assignment Form is a crucial document in Malaysian property transactions, particularly in situations where a property needs to be transferred before the issuance of the individual/strata title or completion of the property. This document is commonly used in both residential and commercial property transactions when the original purchaser wishes to assign their rights and obligations under the original sale and purchase agreement to a new buyer. The form must comply with Malaysian property laws, including the National Land Code 1965 and the Contracts Act 1950, and typically requires various consents and approvals from stakeholders such as developers or financial institutions. It includes comprehensive details about the property, parties involved, consideration, and terms of assignment, ensuring legal protection for all parties and proper documentation for registration purposes.
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1. Parties: Identification of the Assignor (original purchaser), Assignee (new purchaser), and Developer/Vendor (original seller)
2. Background: Recitals explaining the original sale and purchase agreement, current status of the property, and intention to assign
3. Definitions: Key terms used throughout the agreement including Property, Original SPA, Assignment Price, Completion Date
4. Assignment: Core clause transferring all rights, titles, interests, and obligations from Assignor to Assignee
5. Consideration: Details of the assignment price and payment terms
6. Assignor's Warranties: Warranties regarding ownership, right to assign, property condition, and absence of encumbrances
7. Completion: Procedures and requirements for completing the assignment, including documentation and registration
8. Costs and Stamp Duty: Allocation of legal costs, stamp duty, and other expenses
9. Notices: Procedures for serving notices between parties
10. Governing Law: Confirmation of Malaysian law as governing law and jurisdiction
1. Developer's Consent: Required when the original sale and purchase agreement or property title requires developer's consent for assignment
2. Bank's Consent: Included when the property is under financing and requires the bank's approval for assignment
3. Condition of Property: Detailed section about property condition when specific representations are required
4. Outstanding Payments: Section addressing any pending payments, maintenance fees, or utilities to be settled
5. Tax Provisions: Specific clauses regarding Real Property Gains Tax when applicable
6. Renovation Works: Details of any modifications or renovations when the property has been altered
1. Property Details: Comprehensive description of the property including lot number, title details, and location
2. Original Sale and Purchase Agreement: Copy or details of the original SPA being assigned
3. Payment Schedule: Breakdown of assignment price payment terms and installments
4. Outstanding Documents: List of pending documents and requirements for completion
5. Property Inventory: List of fixtures, fittings, and items included in the assignment
6. Required Consents: Copies of necessary consents from developer, bank, or other parties
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