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Mortgage Sales Agreement

Mortgage Sales Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Mortgage Sales Agreement

"I need a standard Mortgage Sales Agreement for a residential property in Hong Kong's New Territories, compliant with HKMA guidelines, for completion by March 2025, with loan value of HKD 5 million and standard interest rate terms."

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Document background
The Mortgage Sales Agreement is a crucial document in Hong Kong's property financing landscape, used when a lender provides funding for property purchase or refinancing secured against real estate. This agreement must comply with Hong Kong's stringent regulatory framework, including the Banking Ordinance, Conveyancing and Property Ordinance, and HKMA guidelines. It details the creation of security interest, loan terms, borrower's obligations, and enforcement rights. The document is essential for protecting the lender's security interest while ensuring borrower protections under Hong Kong law. Typically used by banks, financial institutions, and private lenders, the Mortgage Sales Agreement includes specific provisions for property valuation, insurance requirements, and registration with the Hong Kong Land Registry.
Suggested Sections

1. Parties: Identification of the mortgagor (borrower), mortgagee (lender), and any other relevant parties

2. Background: Context of the transaction, including brief description of the property and purpose of the mortgage

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Detailed description of the mortgaged property, including address, lot number, and registration particulars

5. Loan Amount and Terms: Principal amount, interest rate, repayment period, and payment terms

6. Security Creation: Legal provisions creating the mortgage security interest

7. Borrower's Covenants: Obligations of the borrower including maintenance, insurance, and permitted use of the property

8. Representations and Warranties: Statements of fact and assurances given by the borrower

9. Events of Default: Circumstances constituting default and consequences thereof

10. Enforcement Rights: Lender's rights and remedies upon default, including power of sale

11. Expenses and Fees: Distribution of costs, legal fees, and other expenses

12. Notices: Method and addresses for serving notices between parties

13. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction

Optional Sections

1. Guarantee Provisions: Required when there is a third-party guarantor for the mortgage

2. Special Payment Arrangements: Include when there are non-standard payment terms or early repayment provisions

3. Property Management: Include when there are specific requirements for property management or maintenance

4. Insurance Requirements: Detailed insurance provisions when specific coverage is required beyond standard requirements

5. Assignment Provisions: Include when the mortgage may be assigned to other lenders

6. Further Advance Provisions: Include when contemplating potential future borrowing against the same security

7. Multiple Properties: Required when the mortgage covers more than one property

Suggested Schedules

1. Property Schedule: Detailed property description, including floor plans and boundaries

2. Payment Schedule: Detailed breakdown of payment amounts, dates, and amortization schedule

3. Insurance Schedule: Specific insurance requirements and minimum coverage amounts

4. Form of Transfer: Standard form for transferring the mortgage to another lender

5. Property Title Documents: List of title documents and land search results

6. Special Conditions: Any special conditions or requirements specific to the property or transaction

7. Fees Schedule: Breakdown of all fees, charges, and costs associated with the mortgage

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

alex.den.21@genieai.co
Relevant legal definitions











































Clauses






























Relevant Industries

Banking & Financial Services

Real Estate

Property Development

Insurance

Legal Services

Mortgage Lending

Property Investment

Financial Technology

Relevant Teams

Legal

Compliance

Risk Management

Credit Assessment

Mortgage Operations

Property Valuation

Document Management

Sales & Relationship Management

Banking Operations

Underwriting

Relevant Roles

Mortgage Officer

Credit Risk Manager

Legal Counsel

Compliance Officer

Property Valuer

Banking Relationship Manager

Mortgage Underwriter

Real Estate Manager

Financial Controller

Risk Assessment Officer

Property Law Partner

Banking Operations Manager

Mortgage Sales Manager

Document Control Specialist

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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