The Agreement To Assign Contract For Sale And Purchase is a crucial document in Malaysian property transactions, particularly utilized when the original purchaser wishes to transfer their rights and obligations under an existing Sale and Purchase Agreement to a new buyer before the property's individual title is issued. This document is essential in situations where direct transfer of title is not yet possible, commonly occurring in new development projects or subsale transactions. The agreement must comply with Malaysian property laws, including the National Land Code 1965 and relevant state regulations. It contains detailed provisions regarding the assignment price, payment terms, warranties, and obligations of all parties involved. The document also typically requires the developer's consent and may need to address existing financing arrangements.
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1. Parties: Identifies the Assignor (original purchaser), Assignee (new purchaser), and Developer/Vendor (from original agreement)
2. Background: Recitals explaining the original Sale and Purchase Agreement and the intention to assign the rights and obligations
3. Definitions: Defines key terms used throughout the agreement including Property, Original Agreement, Purchase Price, Assignment Price
4. Agreement to Assign: Core clause establishing the assignment of rights and obligations from the Original Agreement
5. Assignment Price and Payment Terms: Details of the consideration payable for the assignment and payment structure
6. Completion Mechanics: Process and requirements for completing the assignment transaction
7. Assignor's Warranties: Warranties regarding the Original Agreement, property status, and authority to assign
8. Assignee's Covenants: Commitments to comply with Original Agreement terms and indemnify the Assignor
9. Conditions Precedent: Prerequisites that must be fulfilled before the assignment becomes effective
10. Stamp Duty and Costs: Allocation of responsibility for stamp duty, legal fees, and other transaction costs
11. Notices: Requirements for giving formal notices under the agreement
12. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and amendments
1. Developer's Consent: Required when the Original Agreement or law requires developer's consent for assignment
2. Bank's Consent: Needed if the property is under financing or if new financing arrangements are involved
3. Tax Provisions: Specific tax-related clauses if the transaction has particular tax implications
4. Real Estate Agent Commission: Include if a real estate agent is involved in facilitating the assignment
5. Strata Title Provisions: Required for assignments involving strata properties
6. Construction Status: Relevant for properties under construction, addressing completion status and warranties
1. Schedule 1 - Property Details: Comprehensive description of the property including address, title details, and specifications
2. Schedule 2 - Original Sale and Purchase Agreement: Copy or details of the original agreement being assigned
3. Schedule 3 - Payment Schedule: Detailed breakdown of assignment price payment terms and installments
4. Schedule 4 - Outstanding Payments: List of remaining payments due under the Original Agreement
5. Schedule 5 - Completion Documents: List of documents required for completion of the assignment
6. Appendix A - Developer's Consent Letter: If applicable, the formal consent from the developer for the assignment
7. Appendix B - Property Documents: Copies of relevant property documents including title, plans, and permits
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