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Assignment Of Option To Purchase (Real Estate) Template for Hong Kong

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Key Requirements PROMPT example:

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."

Document background
The Assignment Of Option To Purchase (Real Estate) is a crucial document in Hong Kong's property market, used when the holder of an option to purchase real estate wishes to transfer their rights to another party. This document is particularly relevant in situations where market conditions or personal circumstances make it beneficial or necessary to transfer option rights rather than exercise them directly. It must comply with Hong Kong's property laws and regulations, including the Conveyancing and Property Ordinance and Stamp Duty Ordinance. The document typically includes detailed information about the original option, property specifications, consideration for the assignment, and the mechanism for exercising the option. It's commonly used in both commercial and residential property transactions, especially in pre-sale arrangements or when investors wish to capitalize on property market opportunities.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions































Clauses

























Relevant Industries

Real Estate

Commercial Property

Residential Property

Property Development

Construction

Banking and Finance

Legal Services

Property Investment

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Investment

Operations

Contract Administration

Risk Management

Corporate Services

Business Development

Relevant Roles

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

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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