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Real Estate Assignment Of Contract Form Template for Hong Kong

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Key Requirements PROMPT example:

Real Estate Assignment Of Contract Form

"I need a Real Estate Assignment of Contract Form for assigning my rights in an off-plan residential property purchase in Hong Kong to a corporate buyer, with completion scheduled for March 15, 2025, including provisions for the developer's consent and mortgage arrangements."

Document background
The Real Estate Assignment Of Contract Form is a crucial document in Hong Kong's property transaction landscape, typically used when an original purchaser (Assignor) wishes to transfer their contractual rights and obligations to a new buyer (Assignee) before the completion of the property purchase. This form of assignment is common in Hong Kong's property market, particularly for off-plan purchases or incomplete developments. The document must comply with Hong Kong's legal requirements, including the Conveyancing and Property Ordinance and Stamp Duty Ordinance. It contains essential elements such as party details, property specifications, consideration amount, warranties, and completion arrangements. The form is particularly important in Hong Kong's dynamic property market where sub-sales are common, requiring careful attention to legal compliance and protection of all parties' interests.
Suggested Sections

1. Parties: Identifies and defines all parties involved: Assignor (original contract holder), Assignee (party receiving the rights), and where relevant, the Developer/Vendor

2. Background: Recitals explaining the context of the original contract, its key terms, and the intention to assign

3. Definitions: Defines key terms used throughout the document, including Property, Original Contract, Completion Date, etc.

4. Assignment: Core clause detailing the assignment of rights and obligations from Assignor to Assignee

5. Consideration: Specifies the payment amount and terms for the assignment

6. Completion: Details of the completion date, time, and place, including requirements for completion

7. Assignor's Warranties: Warranties regarding ownership of contract rights, no encumbrances, and authority to assign

8. Assignee's Covenants: Assignee's promises to perform original contract obligations and indemnify Assignor

9. Costs and Stamp Duty: Allocation of legal costs, stamp duty, and other expenses

10. Notices: Process for giving formal notices under the assignment

11. Governing Law: Confirms Hong Kong law governs the assignment

12. Execution: Formal execution block for all parties to sign

Optional Sections

1. Consent of Original Vendor: Required when the original contract requires vendor's consent for assignment

2. Conditions Precedent: Include when assignment is subject to specific conditions being met first

3. Multiple Properties: Additional provisions when assignment involves multiple properties

4. Power of Attorney: Include when one party is acting through an attorney

5. Joint Owners Provisions: Required when either Assignor or Assignee comprises multiple persons

6. Mortgage Details: Include when the property is subject to an existing mortgage

7. Estate Agent Provisions: Required when estate agents are involved in the transaction

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including lot number, address, and specifications

2. Schedule 2 - Original Contract: Key details from the original contract being assigned

3. Schedule 3 - Payment Schedule: Breakdown of consideration and payment terms

4. Schedule 4 - Existing Encumbrances: List of any existing encumbrances affecting the property

5. Appendix A - Copy of Original Contract: Certified copy of the original contract being assigned

6. Appendix B - Property Documents: Copies of relevant property documents, plans, or certificates

7. Appendix C - Consent Documents: Any required consent forms from relevant parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 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

Property Development

Construction

Banking and Finance

Legal Services

Property Management

Investment Management

Real Estate Investment Trusts (REITs)

Property Insurance

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Investment

Operations

Risk Management

Documentation

Transaction Management

Portfolio Management

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Property Developer

Investment Manager

Legal Counsel

Compliance Officer

Contract Manager

Property Investment Analyst

Real Estate Portfolio Manager

Conveyancing Manager

Title Officer

Property Investment Director

Real Estate Transaction Coordinator

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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