Assignable Real Estate Contract for Malaysia

Assignable Real Estate Contract Template for Malaysia

This document is a legally binding real estate contract template designed for use in Malaysia, incorporating provisions for assignment rights under Malaysian property law. It complies with the National Land Code 1965 and relevant Malaysian property legislation, providing a comprehensive framework for property transactions where the purchaser may want to assign their rights to another party. The contract includes detailed provisions for property transfer, payment terms, assignment procedures, and necessary protections for all parties involved, while ensuring compliance with state-specific land rules and regulations.

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What is a Assignable Real Estate Contract?

The Assignable Real Estate Contract is a specialized legal instrument used in Malaysian property transactions where the initial purchaser may need to transfer their contractual rights to another party before completion. This document is particularly relevant in pre-completion property sales, investment purchases, and development projects where assignment rights add valuable flexibility to the transaction. It incorporates all necessary elements required by Malaysian law, including compliance with the National Land Code 1965, state-specific land rules, and relevant property legislation. The contract includes comprehensive provisions for property description, payment terms, completion procedures, and detailed assignment mechanisms, making it suitable for both straightforward property transfers and complex transactions involving potential future assignments.

What sections should be included in a Assignable Real Estate Contract?

1. Parties: Identification of the Vendor, Purchaser, and potential rights of assignees

2. Background: Context of the transaction and brief property description

3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, and Assignment Rights

4. Property Details: Complete legal description of the property including title details, lot number, and land area

5. Purchase Price: Agreement on purchase price, payment terms, and deposit arrangements

6. Assignment Rights: Terms and conditions governing the right to assign the contract, including notice requirements and restrictions

7. Completion: Completion date, delivery of vacant possession, and completion procedures

8. Vendor's Obligations: Responsibilities of the vendor including providing good title and necessary documentation

9. Purchaser's Obligations: Responsibilities of the purchaser including payment and due diligence

10. Representations and Warranties: Statements of fact and promises by both parties regarding the property and their capacity to enter into the agreement

11. Conditions Precedent: Conditions that must be fulfilled before completion can occur

12. Default and Termination: Consequences of breach and circumstances allowing termination

13. Notices: Process for serving notices between parties

14. Governing Law: Confirmation of Malaysian law as governing law and jurisdiction

What sections are optional to include in a Assignable Real Estate Contract?

1. Strata Title Provisions: Required if the property is a stratified property, covering management corporation rules and maintenance fees

2. Developer's Consent: Required if the property is still under developer's control or has restrictions on assignment

3. Bank Consent: Required if the property is charged to a bank and requires discharge

4. Tenancy Provisions: Required if the property is subject to existing tenancies

5. GST/Tax Provisions: Required if specific tax arrangements need to be addressed

6. Property Condition: Detailed provisions about the state and condition of the property if not sold 'as is'

7. Assignment Fees: Required if there are specific fees or charges related to assignment rights

8. Real Estate Agent: Required if a real estate agent is involved in the transaction

What schedules should be included in a Assignable Real Estate Contract?

1. Schedule 1 - Property Details: Detailed property information including exact measurements, boundaries, and title particulars

2. Schedule 2 - Purchase Price Payment Schedule: Breakdown of payment installments and timing

3. Schedule 3 - Property Inventory: List of fixtures, fittings, and other items included in the sale

4. Schedule 4 - Assignment Procedures: Detailed procedures and requirements for assigning the contract

5. Appendix A - Property Documents: Copies of title documents, land search, and other relevant property documentation

6. Appendix B - Property Plans: Floor plans, location maps, and other relevant drawings

7. Appendix C - Regulatory Approvals: Copies of relevant permits, certificates, and approvals

8. Appendix D - Form of Assignment: Template or prescribed form for future assignment of the contract

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Malaysia

Publisher

Genie AI

Document Type

Purchase Agreement

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Construction

Legal Services

Banking and Finance

Property Management

Real Estate Investment

Urban Planning

Property Consulting

Facilities Management

Relevant Teams

Legal

Real Estate Operations

Property Management

Compliance

Contract Administration

Property Development

Investment

Acquisitions

Risk Management

Project Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Property Developer

Legal Counsel

Compliance Officer

Contract Manager

Property Investment Manager

Land Administrator

Real Estate Investment Director

Property Acquisition Manager

Legal Director

Real Estate Operations Manager

Title Officer

Development Project Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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