The Mortgage Sale Deed is a crucial document used in Hong Kong's financial and real estate sectors when transferring mortgage rights between financial institutions. This document becomes necessary when a mortgagee wishes to sell or transfer their rights and interests in a mortgage to another party, often as part of portfolio sales, bank restructuring, or strategic business decisions. The deed must comply with Hong Kong's legal requirements, particularly the Conveyancing and Property Ordinance (Cap. 219) and the Land Registration Ordinance (Cap. 128). It contains detailed provisions covering the sale terms, warranties, completion requirements, and necessary notifications to the mortgagor. The document is essential for maintaining clear title records and ensuring proper registration of the mortgage transfer with the Hong Kong Land Registry.
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1. Parties: Identifies all parties to the deed including the seller (current mortgagee), buyer (new mortgagee), and mortgagor
2. Background: Recitals explaining the existing mortgage, reason for sale, and current status of the mortgage
3. Definitions: Defines key terms used throughout the deed including Property, Mortgage, Completion Date, Purchase Price
4. Sale and Purchase: Core terms of the mortgage sale including the agreement to sell and purchase the mortgage
5. Purchase Price: States the purchase price and payment terms for the mortgage
6. Completion: Details of completion arrangements, timing, and deliverables
7. Assignment and Transfer: Legal provisions for transferring all rights, title, and interest in the mortgage
8. Representations and Warranties: Seller's warranties regarding the mortgage, outstanding amount, and absence of disputes
9. Seller's Covenants: Obligations of the seller regarding documentation and cooperation post-completion
10. Notice to Mortgagor: Requirements for notifying the mortgagor of the change in mortgagee
11. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction for disputes
12. Execution: Formal execution block for all parties
1. Multiple Properties: Additional provisions when the mortgage covers multiple properties
2. Security Assignment: Used when additional security interests need to be transferred
3. Tax Provisions: Specific provisions regarding stamp duty and other applicable taxes
4. Further Assurance: Additional cooperation requirements for complex transactions
5. Default Interest: Specific terms about existing default interest if the mortgage is in default
6. Insurance: Provisions regarding transfer of insurance policies if applicable
7. Data Privacy: Additional privacy provisions when handling personal data
8. Electronic Execution: Provisions for electronic execution if applicable
1. Schedule 1 - Property Details: Detailed description of the mortgaged property including lot number and address
2. Schedule 2 - Existing Mortgage: Details of the existing mortgage including registration particulars
3. Schedule 3 - Outstanding Amount: Breakdown of the outstanding mortgage amount including principal and interest
4. Schedule 4 - Completion Requirements: List of documents required for completion
5. Schedule 5 - Form of Notice to Mortgagor: Template notice to be sent to the mortgagor
6. Appendix A - Land Search: Recent land search showing current status of the property
7. Appendix B - Payment Schedule: Detailed payment arrangements and bank details
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