The Deed of Sale with Assumption of Mortgage is a specialized legal instrument used in Hong Kong property transactions where the buyer takes over the seller's existing mortgage instead of obtaining new financing. This arrangement is particularly useful when the existing mortgage terms are favorable or when parties wish to avoid the costs and complexity of new financing. The document must comply with Hong Kong's Conveyancing and Property Ordinance, Banking Ordinance, and related regulations. It typically includes comprehensive details about the property, existing mortgage terms, conditions for assumption, consents required from the mortgagee, and specific obligations of all parties. This deed type requires careful drafting to ensure proper transfer of both property ownership and mortgage obligations while protecting the interests of all parties involved.
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1. Parties: Identification of all parties: Seller, Buyer, Current Mortgagee, and any other relevant parties
2. Background: Recitals explaining the current ownership, existing mortgage, and intention to transfer both property and mortgage obligations
3. Definitions: Definitions of key terms used throughout the deed
4. Sale and Purchase: Terms of the property sale, including purchase price, payment terms, and completion details
5. Property Details: Detailed description of the property being sold
6. Mortgage Assumption: Terms of the mortgage assumption, including outstanding amount and buyer's undertaking
7. Seller's Representations and Warranties: Seller's warranties regarding property title, mortgage status, and other relevant matters
8. Buyer's Covenants: Buyer's commitments regarding mortgage payments and compliance with mortgage terms
9. Mortgagee's Consent: Terms of the mortgagee's agreement to the transfer and assumption
10. Completion Requirements: Specific requirements for completing both the sale and mortgage assumption
11. Costs and Stamp Duty: Allocation of transaction costs and stamp duty obligations
12. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction
13. Execution: Formal execution blocks for all parties
1. Joint and Several Liability: Required when there are multiple buyers assuming the mortgage
2. Property Management: Include when there are specific management obligations or fees to be transferred
3. Insurance: Include when specific insurance arrangements need to be transferred or established
4. Further Assurance: Optional clause for parties to take additional actions if needed for completion
5. Notices: Include when formal notice procedures need to be specified
6. Surviving Provisions: Include when certain provisions need to survive completion
1. Property Description Schedule: Detailed legal description of the property, including lot number, address, and registered details
2. Existing Mortgage Schedule: Details of the existing mortgage including original amount, outstanding balance, and key terms
3. Completion Requirements Schedule: Checklist of documents and actions required for completion
4. Title Documents Schedule: List of all title documents to be handed over on completion
5. Encumbrances Schedule: List of any existing encumbrances, restrictions, or easements affecting the property
6. Payment Schedule: Breakdown of all payments including purchase price, mortgage assumptions, and adjustments
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Finance
Legal Services
Property Development
Mortgage Lending
Property Management
Financial Services
Property Investment
Relevant Teams
Legal
Real Estate
Mortgage Services
Property Finance
Compliance
Risk Management
Property Operations
Conveyancing
Documentation
Property Sales
Relevant Roles
Real Estate Lawyer
Property Conveyancer
Mortgage Officer
Banking Manager
Real Estate Agent
Property Manager
Legal Counsel
Compliance Officer
Property Transaction Manager
Mortgage Underwriter
Real Estate Transaction Coordinator
Title Officer
Property Finance Manager
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