The Deed of Sale with Assumption of Mortgage Car is a crucial document used in Hong Kong when transferring ownership of a mortgaged vehicle while maintaining the existing financing arrangement. This document is particularly relevant when the buyer wishes to take over the seller's remaining mortgage obligations rather than arranging new financing. The deed must comply with Hong Kong's legal requirements, including the Road Traffic Ordinance, Motor Vehicles Ordinance, and relevant banking regulations. It contains comprehensive details about the vehicle, outstanding mortgage terms, rights and obligations of all parties, and specific provisions for the transfer of both ownership and debt obligations. This type of agreement is commonly used in both private sales and commercial fleet transactions where existing vehicle financing needs to be preserved through the ownership transfer.
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1. Parties: Identification of the Seller, Buyer, and Current Mortgagee
2. Background: Recitals explaining the current ownership, existing mortgage, and intention to transfer
3. Definitions: Definitions of key terms used throughout the deed
4. Sale Agreement: Terms of the sale including purchase price and payment details
5. Vehicle Details: Complete description of the vehicle including registration number, make, model, and year
6. Mortgage Assumption: Terms of the mortgage assumption including outstanding amount and payment terms
7. Representations and Warranties: Warranties regarding vehicle ownership, condition, and existing mortgage
8. Completion: Details of closing process, document handover, and registration transfer
9. Seller's Obligations: Specific obligations of the seller before and at completion
10. Buyer's Obligations: Specific obligations of the buyer before and at completion
11. Mortgagee's Consent: Terms of the mortgagee's agreement to the transfer
12. Governing Law: Specification of Hong Kong law as governing law
13. Execution: Execution blocks for all parties to sign as a deed
1. Insurance: Required if specific insurance arrangements need to be transferred or established
2. Conditions Precedent: Include if there are specific conditions that must be met before completion
3. Security Deposits: Include if there are existing security deposits to be transferred or new ones required
4. Vehicle Maintenance Records: Include if specific maintenance obligations or records are to be transferred
5. Default Provisions: Include if specific default scenarios and remedies need to be addressed
6. Assignment: Include if there are specific restrictions on future transfer or assignment
7. Notices: Include if formal notice procedures need to be specified
1. Schedule 1 - Vehicle Details: Detailed specification of the vehicle including registration documents, maintenance history
2. Schedule 2 - Existing Mortgage Details: Complete details of the existing mortgage including payment history and outstanding balance
3. Schedule 3 - Form of Transfer Documents: Required Hong Kong Vehicle Registration transfer forms and documents
4. Schedule 4 - Completion Requirements: Checklist of documents and actions required for completion
5. Appendix A - Vehicle Inspection Report: Recent inspection report confirming vehicle condition
6. Appendix B - Payment Schedule: Detailed schedule of remaining mortgage payments to be assumed
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