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Assignment Of Option To Purchase (Real Estate)
"I need an Assignment of Option to Purchase (Real Estate) document for transferring my option rights for a commercial property in Tsim Sha Tsui to a corporate buyer, with the option expiring in March 2025 and including provisions for staged payment of the assignment consideration."
1. Parties: Identifies the Assignor (current option holder), Assignee, and Original Grantor of the option
2. Background: Recitals explaining the original option grant, its key terms, and the intention to assign
3. Definitions: Defines key terms including Option, Property, Option Period, Purchase Price, and Assignment
4. Assignment: Core clause transferring all rights, title and interest in the Option from Assignor to Assignee
5. Consideration: States the payment amount for the assignment of the option rights
6. Assignor's Warranties: Warranties regarding ownership of option, right to assign, and validity of option
7. Exercise of Option: Procedures and requirements for the Assignee to exercise the assigned option
8. Notices: Requirements for giving valid notices under the assignment
9. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and Hong Kong courts' jurisdiction
1. Original Grantor's Consent: Required if the original option agreement requires consent for assignment
2. Mortgage Details: Include if the property is subject to existing mortgages or charges
3. Real Estate Agent Provisions: Include if real estate agents are involved in the transaction
4. Stamp Duty Declaration: Required if specific stamp duty arrangements need to be documented
5. Conditions Precedent: Include if assignment is subject to fulfillment of specific conditions
6. Confidentiality: Include if parties require specific confidentiality provisions
7. Further Assurance: Optional clause requiring parties to execute further documents if needed
1. Schedule 1 - Property Details: Full legal description of the property subject to the option
2. Schedule 2 - Original Option Agreement: Copy or key terms of the original option agreement being assigned
3. Schedule 3 - Purchase Price and Payment Terms: Details of the original option purchase price and payment structure
4. Schedule 4 - Form of Notice of Exercise: Template for the notice to exercise the option
5. Appendix A - Property Plans: Property plans or drawings if relevant to the option
6. Appendix B - Required Consents: Copies of any required third-party consents or approvals
Authors
Real Estate
Commercial Property
Residential Property
Property Development
Construction
Banking and Finance
Legal Services
Property Investment
Legal
Real Estate
Property Management
Compliance
Investment
Operations
Contract Administration
Risk Management
Corporate Services
Business Development
Real Estate Lawyer
Property Manager
Real Estate Agent
Property Developer
Investment Manager
Legal Counsel
Conveyancing Manager
Property Investment Advisor
Contract Manager
Real Estate Portfolio Manager
Compliance Officer
Property Acquisition Manager
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