The Assignment Of Rental Agreement is a crucial legal instrument in Malaysian property law that facilitates the transfer of tenancy rights and obligations. It is commonly used when an existing tenant needs to exit a lease early and has found another party willing to take over the remaining lease term. The document must comply with Malaysian legal requirements, including the Contracts Act 1950 and relevant property laws, and typically requires formal landlord approval. It should detail the original lease terms, clearly identify all parties, specify the premises, and outline any specific conditions of the assignment. This document is particularly important in both commercial and residential settings, ensuring a smooth transition of tenancy while maintaining legal protections for all parties involved. The assignment should be properly stamped under the Stamp Act 1949 to be admissible in Malaysian courts.
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1. Parties: Identifies the Assignor (current tenant), Assignee (new tenant), and Landlord
2. Background: Recites the existence of the original tenancy agreement, its key terms, and the intention to assign
3. Definitions: Defines key terms used throughout the agreement including 'Assignment Date', 'Premises', 'Original Lease', etc.
4. Assignment: Core clause transferring all rights, title, and interest in the tenancy from Assignor to Assignee
5. Consideration: States any payment or consideration for the assignment
6. Assignee Covenants: Assignee's undertaking to perform all tenant obligations under the original lease
7. Assignor Warranties: Warranties regarding the current status of the lease, outstanding payments, and condition of premises
8. Landlord's Consent: Confirmation of the landlord's approval of the assignment
9. Effective Date: Specifies when the assignment takes effect
10. Governing Law: Confirms Malaysian law governs the agreement
1. Security Deposit Transfer: Details the transfer of security deposit from Assignor to Assignee, used when there's an existing deposit to be transferred
2. Outstanding Payments: Addresses any unpaid rent or utilities, used when there are pending payments to be settled
3. Condition of Premises: Detailed description of property condition, used when specific property issues need to be documented
4. Utilities and Services: Handling of utility accounts and ongoing services, used when there are specific arrangements for utilities transfer
5. Further Assurance: Additional cooperation obligations, used in complex assignments requiring further documentation
6. Broker/Agent Provisions: Details of any broker involvement and fees, used when the assignment involves property agents
1. Schedule 1 - Original Lease: Copy or key terms of the original tenancy agreement being assigned
2. Schedule 2 - Property Details: Detailed description of the premises including address and any included fixtures/fittings
3. Schedule 3 - Inventory List: List of any furniture or items included in the tenancy
4. Schedule 4 - Outstanding Payments: Detailed list of any unpaid rent, utilities, or other charges
5. Schedule 5 - Condition Report: Current condition of the premises with photographs if applicable
6. Appendix A - Landlord's Consent Letter: Written consent from landlord approving the assignment
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