The Assignable Real Estate Contract is essential for property transactions in Hong Kong where the purchaser may wish to retain the right to assign their interests before completion. This document type is particularly relevant in the dynamic Hong Kong property market, where assignment rights can be valuable in both residential and commercial transactions. The contract ensures compliance with Hong Kong's property laws, including the Conveyancing and Property Ordinance, Land Registration Ordinance, and Stamp Duty Ordinance. It contains comprehensive provisions for property transfer, assignment rights, completion requirements, and all necessary warranties and representations, while accommodating the specific requirements of Hong Kong's property registration system and stamp duty regime.
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1. Parties: Identification of the vendor, purchaser, and any other relevant parties including their full legal names and addresses
2. Background: Context of the transaction and statement of the parties' intention to enter into an assignable contract
3. Definitions: Definitions of key terms used throughout the agreement, including Property, Completion Date, Purchase Price, and Assignment
4. Property Details: Comprehensive description of the property including address, lot number, and registered details
5. Purchase Price: The agreed purchase price, payment terms, and deposit arrangements
6. Assignment Rights: Terms and conditions governing the purchaser's right to assign the contract, including any restrictions or requirements
7. Completion: Details of the completion process, timing, and requirements
8. Title and Documentation: Vendor's warranties regarding title and requirements for proving good title
9. Conditions Precedent: Any conditions that must be satisfied before completion
10. Representations and Warranties: Standard representations and warranties from both parties
11. Default and Termination: Consequences of default and circumstances allowing termination
12. Stamp Duty: Obligations regarding payment of stamp duty and other transaction taxes
13. Costs: Allocation of legal and other transaction costs
14. Notices: Process for giving formal notices under the contract
15. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction
1. Mortgage Status: Required if the property is subject to an existing mortgage that needs to be discharged
2. Tenancy Details: Required if the property is subject to existing tenancies
3. Property Management: Required for properties in managed buildings or estates
4. Capital Gains Provisions: Optional section dealing with profit sharing on future assignment
5. Estate Agent Provisions: Required if the transaction involves estate agents
6. Renovation Status: Required if there are ongoing or planned renovations
7. Car Parking Space: Required if the transaction includes parking spaces
8. Building Orders: Required if there are outstanding building orders or notices
1. Schedule 1 - Property Details: Detailed property description, including floor plans and measurements
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms and installments
3. Schedule 3 - Completion Requirements: List of documents required for completion
4. Schedule 4 - Fixtures and Fittings: Inventory of included and excluded items
5. Schedule 5 - Title Documents: List of title documents and certified copies
6. Appendix A - Property Plans: Floor plans and location maps
7. Appendix B - Land Search: Recent land search results
8. Appendix C - Prescribed Forms: Standard forms required under Hong Kong law
9. Appendix D - Building Management: Details of management fees and regulations
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