Deed of Assignment is necessary in a sub-sale transaction if the strata title of property is not issued yet at the time of transaction
DEED OF ASSIGNMENT
THIS ASSIGNMENT is made the……………day of……………………20.. BETWEEN …..(NRIC NO : / ) of ………(hereinafter referred “the Assignor”) of the one part And …. (hereinafter referred “the Assignee”) of the other part.
WHEREAS
(i) By an Agreement dated the …….. (hereinafter called “the said Agreement”) made between……, a company incorporated in Malaysia and having its registered office at …. and a place of business at ………. (hereinafter called “the Vendor’) of the First part, and the Assignors of the second part And …………………………….NIL……………………. (hereinafter called “the Proprietor”) of the third part, the Vendor sold and the Assignors purchased ALL THAT parcel of premises known as …located on the floor numbered as … building numbered as ….outlined in red in the Floor Plan annexed to said Agreement and containing an area of approximately ……..(hereinafter called “the said Property”) erected or to be erected on land held under …………….
(ii) The subsidiary title of the said Property will only be issued at a future date and the Assignor is thereby desirous of assigning to the Assignee all the Assignor’s rights title and interests in and to the said Property accruing to him by virtue of the said Agreement.
(iii) By an Agreement dated the (hereinafter called “the Loan Agreement”) made between the Assignor on the one part and Assignee on the other part, the Assignor agrees to assign all his right title and interest in and to the said Property mentioned above to the Assignee as security for a loan Ringgit Malaysia only (hereinafter called “the said Loan”) to be granted by the Assignee to the Assignor, in accordance with, and subject to the terms and condition of, the Loan Agreement.
NOW THIS ASSIGNMENT WITNESSETH:
1. That in consideration of the Assignee having agreed to grant the said Loan, the Assignor as Beneficial Owners, hereby ASSIGNS absolutely to the Assignee all his rights, title and interests in and to the Property under the said Agreement, and the full benefit granted thereby and all stipulations therein contained and all remedies for enforcing the same.
2. That the Assignor shall at all times hereafter save harmless and keep the Assignee indemnified against all actions, proceedings, claims, demands, penalties, costs and expenses which may be brought or made against or incurred by the Assignee, by reason or on account of the non-observance of all or any of the stipulations on the part of the Assignor contained in the said Agreement, or otherwise howsoever, and in particular and without prejudice to the foregoing generality of the payment of the balance of the purchase price of the said Property to the Vendor, if the same has not been paid in full at the date hereof.
3. When the subsidiary title to the said Property is issued and duly registered into the name of the Assignor, the Assignor shall execute a legal charge over the said Property in favour of the Assignee.
4. This Assignment shall remain in force until such time as it shall be revoked by the due execution and registration thereof by the Assignor of a legal charge over the said Property in favour of the Assignee.
5. That in these presents where the context so admits words importing the masculine gender include the feminine and neuter genders, words importing the singular include the plural, and where two or more persons are included in the expression “the Assignor” this Assignment is binding on such persons jointly and severally.
6. This Assignment shall be binding upon the heirs personal representative and assigns of the parties herein.
7. The costs and expenses in incidental to the preparation and completion of this Assignment including stamp fees and other expenses in respect of this Assignment shall be borne and paid by the Assignor absolutely.
IN WITNESS WHEREOF the parties hereto have hereunto set their hands the day and year first above mentioned.
Signed by the said (the Assignor)
in the Presence of:
Signature of Witness :
Name:
IC No.
Official Chop :
Signed for and on behalf of
in the presence of: ……………………………………
ACKNOWLEDGEMENT AND CONSENT TO ASSIGNMENT
We, ………of ………..do hereby acknowledge that on this the foregoing Assignment was intimated to us by the delivery of a true copy thereof and the same had been duly notes in our records.
……..……………………………
Signature (Company/Corporation)
