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Assignment Of Purchase Agreement

Assignment Of Purchase Agreement Template for Malaysia

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Key Requirements PROMPT example:

Assignment Of Purchase Agreement

"I need an Assignment of Purchase Agreement for a commercial property in Kuala Lumpur, where I'm taking over the original purchaser's rights for RM 2.5 million, with completion scheduled for March 15, 2025; the original purchase agreement was signed in January 2025."

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Document background
The Assignment Of Purchase Agreement is a crucial legal instrument in Malaysian business transactions, commonly used when the original purchaser of an asset or property wishes to transfer their rights and obligations to a new party before the completion of the original purchase. This document is essential in various scenarios, including property transactions, business asset transfers, and commercial arrangements. It must comply with Malaysian legal requirements, including the Contracts Act 1950, Stamp Act 1949, and where applicable, the National Land Code 1965. The document typically includes detailed provisions about the original purchase agreement, consideration for the assignment, warranties, and completion mechanisms, ensuring a legally sound transfer of rights and obligations while protecting all parties' interests.
Suggested Sections

1. Parties: Identifies the Assignor (original purchaser), Assignee (new purchaser), and Vendor (original seller) with complete details including registration/identification numbers

2. Background: Recitals explaining the original purchase agreement, the intention to assign, and any relevant circumstances leading to the assignment

3. Definitions: Defines key terms used throughout the agreement including 'Purchase Agreement', 'Property' (if applicable), 'Completion Date', and other relevant terms

4. Assignment: Core clause stating the assignment of rights and obligations from Assignor to Assignee

5. Consideration: Details of the consideration paid by the Assignee to the Assignor for the assignment

6. Assignor's Warranties: Warranties regarding ownership of rights, authority to assign, and status of the original purchase agreement

7. Completion: Requirements and procedures for completing the assignment transaction

8. Costs and Stamp Duty: Allocation of costs, including stamp duty and legal fees

9. Notices: Procedures for serving notices under the agreement

10. Governing Law: Specifies Malaysian law as governing law and jurisdiction

Optional Sections

1. Vendor's Consent: Required if the original purchase agreement requires vendor's consent for assignment

2. Conditions Precedent: Include if there are specific conditions that must be met before the assignment becomes effective

3. Property Management: Include if the purchase agreement involves property with ongoing management obligations

4. Outstanding Payments: Include if there are any outstanding payments under the original purchase agreement

5. Tax Provisions: Include specific tax-related provisions if the assignment has significant tax implications

6. Further Assurance: Include if parties need to execute additional documents or take further actions

7. Confidentiality: Include if there are sensitive commercial terms that need protection

Suggested Schedules

1. Original Purchase Agreement: Copy of the complete purchase agreement being assigned

2. Property Details: If applicable, detailed description of the property including title particulars

3. Payment Schedule: Details of payment terms between Assignor and Assignee

4. Outstanding Obligations: List of any remaining obligations under the original purchase agreement

5. Relevant Correspondence: Copies of relevant correspondence including Vendor's consent if applicable

6. Required Approvals: Copies of any required regulatory or third-party approvals

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




















Clauses

























Relevant Industries

Real Estate

Construction

Property Development

Commercial Property

Residential Property

Industrial Property

Manufacturing

Retail

Infrastructure

Agriculture

Relevant Teams

Legal

Compliance

Real Estate

Commercial

Corporate Secretariat

Business Development

Property Management

Risk Management

Operations

Relevant Roles

Legal Counsel

Contract Manager

Property Manager

Real Estate Manager

Commercial Director

Compliance Officer

Corporate Secretary

Business Development Manager

Project Manager

Risk Manager

Transaction Manager

Asset 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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