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Mortgage Assignment Agreement for Hong Kong

Mortgage Assignment Agreement Template for Hong Kong

A Mortgage Assignment Agreement under Hong Kong law is a formal legal document that facilitates the transfer of rights and interests in a mortgage from one mortgagee (lender) to another. This document, governed by Hong Kong's Conveyancing and Property Ordinance, outlines the terms and conditions of the assignment, including the transfer of security interests, outstanding obligations, and related rights. It contains essential provisions for the proper registration of the assignment with the Hong Kong Land Registry and ensures compliance with local regulatory requirements for mortgage transfers.

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Mortgage Assignment Agreement

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What is a Mortgage Assignment Agreement?

A Mortgage Assignment Agreement is utilized when a mortgagee wishes to transfer their rights, interests, and benefits under a mortgage to another party in Hong Kong. This document is commonly used in scenarios such as bank portfolio transfers, securitization transactions, or reorganization of lending arrangements. The agreement must comply with Hong Kong's legal requirements, particularly the Conveyancing and Property Ordinance and Land Registration Ordinance. It includes detailed provisions about the existing mortgage, property details, outstanding amounts, and completion requirements. The document ensures proper transfer of security interests and facilitates registration with the Hong Kong Land Registry. This type of agreement is crucial in the Hong Kong financial sector, where mortgage assignments are frequently used in both commercial and residential property financing arrangements.

What sections should be included in a Mortgage Assignment Agreement?

1. Parties: Identifies and defines the Existing Mortgagee (Assignor), New Mortgagee (Assignee), and reference to the Mortgagor

2. Background: Recitals explaining the existing mortgage arrangement, reason for assignment, and current status of the mortgage

3. Definitions: Defines key terms used throughout the agreement, including Property, Existing Mortgage, Secured Liabilities, etc.

4. Assignment: Core provision detailing the assignment of mortgage rights and secured liabilities from Assignor to Assignee

5. Consideration: States the consideration paid for the assignment of the mortgage

6. Representations and Warranties: Assignor's warranties regarding the mortgage, outstanding amount, and authority to assign

7. Completion: Details of completion arrangements, including timing, location, and deliverables

8. Further Assurance: Obligations to execute further documents and take additional steps if necessary

9. Notices: Procedure for giving notices under the agreement

10. Governing Law and Jurisdiction: Confirms Hong Kong law as governing law and Hong Kong courts' jurisdiction

What sections are optional to include in a Mortgage Assignment Agreement?

1. Mortgagor's Consent: Required if the original mortgage or facility agreement requires mortgagor's consent for assignment

2. Transfer of Related Securities: Used when additional securities or guarantees are being transferred along with the mortgage

3. Tax Provisions: Detailed tax arrangements if complex stamp duty or tax implications exist

4. Regulatory Compliance: Required for regulated entities or when specific regulatory requirements apply

5. Assignment of Insurance: Required if there are associated insurance policies being transferred

6. Power of Attorney: Optional provisions granting power of attorney to the Assignee

What schedules should be included in a Mortgage Assignment Agreement?

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

2. Schedule 2 - Existing Mortgage Details: Details of the original mortgage including date, registration particulars, and facility amount

3. Schedule 3 - Outstanding Amount: Statement of the current outstanding amount under the mortgage

4. Schedule 4 - Completion Requirements: List of documents and requirements for completion

5. Appendix A - Form of Transfer Deed: Standard form for the transfer of mortgage deed required for registration

6. Appendix B - Form of Notice to Mortgagor: Template notice informing the mortgagor of the assignment

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Hong Kong

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions



























Clauses

























Relevant Industries

Banking & Financial Services

Real Estate

Legal Services

Insurance

Property Development

Investment Management

Mortgage Lending

Financial Technology

Relevant Teams

Legal

Compliance

Real Estate

Credit Administration

Risk Management

Property Finance

Corporate Banking

Mortgage Operations

Transaction Management

Portfolio Management

Relevant Roles

Legal Counsel

Property Lawyer

Mortgage Officer

Credit Manager

Compliance Officer

Real Estate Manager

Banking Executive

Property Finance Manager

Risk Manager

Company Secretary

Transaction Manager

Portfolio Manager

Industries






Teams

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