The Assignment Of Real Estate Contract And Sale Agreement is a crucial document used in Malta when a buyer of property wishes to transfer their rights and obligations under an existing sale agreement to a new buyer. This document is particularly relevant in situations involving property development projects, investment properties, or when the original buyer cannot proceed with the purchase. The agreement must comply with Malta's strict property transfer laws and requires notarial execution and registration with the Public Registry. It includes comprehensive details about the property, original sale agreement, assignment terms, warranties, and completion requirements. The document is subject to Maltese stamp duty and other transaction taxes, and may require additional permits for non-resident purchasers under the Immovable Property (Acquisition by Non-Residents) Act.
Assignment Of Real Estate Contract And Sale Agreement for Malta
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Assignment Of Real Estate Contract And Sale Agreement
"I need an Assignment of Real Estate Contract and Sale Agreement for a luxury villa in Mellieha, Malta, where I'm assigning my rights as a buyer to a German investor who requires AIP permit, with completion scheduled for March 2025."
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1. Parties: Identification of the Assignor (original buyer), Assignee (new buyer), and Original Seller, including full legal names, registration numbers for companies, and residential/registered addresses
2. Background: Recitals explaining the original sale agreement, the intention to assign, and any relevant circumstances leading to the assignment
3. Definitions: Definitions of key terms used throughout the agreement, including Property, Original Agreement, Completion Date, and other relevant terms
4. Assignment: Core clause transferring all rights and obligations under the original sale agreement from Assignor to Assignee
5. Consideration: Details of the assignment price and payment terms between Assignor and Assignee
6. Original Seller's Consent: Explicit consent from the Original Seller to the assignment and confirmation of continuing obligations
7. Warranties and Representations: Warranties from all parties, particularly the Assignor regarding the validity of the original agreement and absence of encumbrances
8. Completion Requirements: Specific requirements for completing the assignment, including notarial deed execution and registration requirements
9. Costs and Taxes: Allocation of notarial fees, stamp duty, and other transaction costs
10. Governing Law and Jurisdiction: Confirmation of Maltese law governance and jurisdiction
1. AIP Permit Provisions: Required when the Assignee is a non-resident, detailing the Acquisition of Immovable Property permit requirements
2. Mortgage Arrangements: Required when the property is subject to a mortgage or when new financing arrangements are needed
3. Special Conditions: For any unique requirements or conditions specific to the property or parties
4. Property Management: Required when there are ongoing property management arrangements or condominium agreements
5. Environmental Compliance: Required for properties with specific environmental considerations or requirements
6. Planning Permits: Required when there are pending planning applications or permits relevant to the assignment
1. Property Description: Detailed description of the property including boundaries, measurements, and included fixtures and fittings
2. Original Sale Agreement: Copy of the original promise of sale agreement (konvenju) and/or final deed of sale
3. Property Documents: Copies of relevant property documents including plans, permits, and certificates
4. Payment Schedule: Detailed breakdown of payments, including any deposits, balance payments, and due dates
5. Condition Report: Current condition of the property and any agreed repairs or modifications
6. Land Registry Documents: Relevant extracts from the Land Registry and property searches
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