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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."
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
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
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
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Investment Management
Real Estate Investment Trusts (REITs)
Property Insurance
Legal
Real Estate
Compliance
Property Management
Investment
Operations
Risk Management
Documentation
Transaction Management
Portfolio Management
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
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