The Property Assignment Contract is a crucial legal instrument in Malaysian property transactions, used when transferring ownership rights of real property from one party to another. This document is essential in both residential and commercial property transactions throughout Malaysia, requiring compliance with the National Land Code 1965, Contracts Act 1950, and other relevant property legislation. It's particularly important as it forms the basis for the subsequent registration of the property transfer at the land office and ensures that all necessary legal requirements, including proper property description, consideration details, and warranties, are properly documented. The contract must address specific Malaysian legal requirements such as stamp duty obligations, real property gains tax considerations, and where applicable, restrictions on foreign ownership. It's commonly used in various scenarios including private property sales, corporate real estate transactions, and property development projects.
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1. Parties: Identification of the Assignor and Assignee with full names, identification numbers, and addresses
2. Background: Recitals establishing the Assignor's ownership, property details, and intention to assign
3. Definitions: Definitions of key terms used throughout the agreement
4. Agreement to Assign: Core provision detailing the assignment of the property from Assignor to Assignee
5. Property Description: Detailed description of the property being assigned including title details and registration particulars
6. Purchase Price: Statement of the consideration amount and payment terms
7. Completion: Terms and conditions for completion of the assignment including timing and procedure
8. Assignor's Warranties: Warranties regarding title, encumbrances, and condition of the property
9. Registration and Transfer: Procedures for registration of the transfer at the land office
10. Costs and Expenses: Allocation of legal fees, stamp duty, and registration fees
11. Notices: Procedure for serving notices between parties
12. Governing Law: Specification of Malaysian law as governing law
13. Execution: Signature blocks and attestation requirements
1. Existing Tenancies: Required if the property is subject to existing tenancy agreements
2. Condition of Property: Detailed when specific property conditions need to be acknowledged
3. Planning Permissions: Necessary for properties requiring specific land use permissions
4. Foreign Investment Approval: Required when the Assignee is a foreign entity or person
5. Bank Consent: Needed if the property is subject to an existing charge or mortgage
6. Strata Title Provisions: Required for properties under strata titles
7. Service Charges: Relevant for properties in managed developments
8. Tax Indemnity: Optional protection regarding Real Property Gains Tax obligations
1. Schedule 1 - Property Details: Comprehensive property description including lot number, title details, and land area
2. Schedule 2 - Purchase Price Payment Schedule: Breakdown of payment terms and installments if applicable
3. Schedule 3 - Title Documents: List of all title documents to be handed over upon completion
4. Schedule 4 - Existing Encumbrances: Details of any existing charges, caveats, or other encumbrances
5. Schedule 5 - Form 14A: Statutory transfer form required under the National Land Code
6. Schedule 6 - Vendor's Title Documents: Copies of relevant title documents and previous assignments
7. Appendix A - Property Plans: Approved plans and drawings of the property
8. Appendix B - Regulatory Approvals: Copies of relevant permits and approvals
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