Document background
The Assignment Of Lease To New Owner is a crucial legal document used in Malaysian property transactions when an existing tenant wishes to transfer their lease rights to a new tenant. This document is essential for businesses and individuals looking to transfer their leasehold interests while ensuring compliance with Malaysian property law, particularly the National Land Code 1965 and the Contracts Act 1950. It's commonly used in situations such as business sales, relocations, or when a tenant needs to exit a lease early. The document must include specific provisions about the transfer of rights and obligations, obtain the landlord's consent, and be properly stamped under the Stamp Act 1949. It protects all parties' interests by clearly defining the terms of assignment, including handling of security deposits, outstanding obligations, and the effective date of transfer.
