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Deed Of Assignment For Property
"I need a Deed of Assignment for Property to transfer a residential condominium unit in Kuala Lumpur from my company to an individual buyer, with completion scheduled for March 2025, including provisions for existing tenant rights and bank discharge requirements."
1. Parties: Identifies and defines the Assignor (seller) and Assignee (buyer) with full names, identification numbers, and addresses
2. Background: Recites the ownership history of the property, including the original purchase and any relevant details about the current assignment
3. Definitions: Defines key terms used throughout the deed including Property, Purchase Price, Completion Date, etc.
4. Agreement to Assign: The operative clause where the Assignor agrees to assign and the Assignee agrees to accept the assignment of the Property
5. Consideration: States the purchase price and payment terms for the Property
6. Assignor's Warranties: Contains warranties regarding ownership, encumbrances, condition of property, and authority to sell
7. Completion: Details the completion process, including timing, location, and requirements for completion
8. Title Documents: Lists the documents to be delivered upon completion
9. Costs: Specifies which party bears various transaction costs including stamp duty and registration fees
10. Notices: Specifies how and where notices between parties should be delivered
11. Execution: Formal execution clause with requirements for witnessing and attestation
1. Conditions Precedent: Used when there are specific conditions that must be met before completion can occur
2. Bank's Consent: Required when the property is currently charged to a bank and requires discharge
3. Developer's Consent: Needed when the property is still under developer's interest and requires their approval for assignment
4. Strata Title Provisions: Required for apartments or condominiums where strata title is involved
5. Foreign Investment Approval: Required when the assignee is a foreign national or entity
6. Rental Provisions: Used when the property is currently tenanted and includes provisions about existing tenancy
7. GST/Tax Provisions: Required when specific tax considerations need to be addressed
1. Schedule 1 - Property Description: Detailed description of the property including lot number, title details, and precise measurements
2. Schedule 2 - Purchase Price Payment Schedule: Breakdown of payment terms including deposits, progressive payments, and balance payment
3. Schedule 3 - Title Documents: List of all title documents to be delivered upon completion
4. Schedule 4 - Existing Encumbrances: Details of any existing charges, liens, or encumbrances on the property
5. Schedule 5 - Form of Transfer: Template or copy of the transfer document to be executed
6. Appendix A - Property Plans: Floor plans, location maps, and other relevant property diagrams
7. Appendix B - Special Conditions: Any special conditions or requirements specific to the transaction
Authors
Real Estate
Banking & Finance
Property Development
Construction
Legal Services
Housing & Development
Investment & Asset Management
Hospitality
Retail
Legal
Real Estate
Property Management
Compliance
Operations
Finance
Risk Management
Administrative Support
Business Development
Property Lawyer
Real Estate Manager
Property Development Manager
Legal Counsel
Conveyancing Executive
Property Investment Manager
Real Estate Agent
Bank Manager
Property Valuer
Compliance Officer
Legal Administrator
Title Officer
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