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Third Party Authorization Form Mortgage for Hong Kong

Third Party Authorization Form Mortgage Template for Hong Kong

A Third Party Authorization Form for mortgages in Hong Kong is a legal document that enables a property owner to authorize another person to act on their behalf in matters relating to a mortgage transaction. This document, governed by Hong Kong law, establishes the scope of authority granted to the third party, including specific powers to interact with financial institutions, sign documents, and manage mortgage-related matters. It incorporates essential safeguards and complies with Hong Kong Monetary Authority requirements, local banking regulations, and property law principles. The document typically includes detailed identification of all parties, property information, and specific authorizations granted.

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Third Party Authorization Form Mortgage

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What is a Third Party Authorization Form Mortgage?

The Third Party Authorization Form Mortgage is essential in situations where a property owner needs to delegate authority for handling mortgage-related matters in Hong Kong. This document becomes particularly relevant when property owners are unable to personally attend to mortgage proceedings due to overseas commitments, business obligations, or other circumstances. It's designed to comply with Hong Kong's legal framework, including the Banking Ordinance, Conveyancing and Property Ordinance, and Powers of Attorney Ordinance. The form typically specifies the scope of authorization, which may include submitting mortgage applications, signing documents, receiving funds, and communicating with financial institutions. It contains crucial protective measures for all parties involved and must meet specific requirements set by Hong Kong banks and regulatory authorities. The document is widely used in both residential and commercial property transactions where third-party representation is needed.

What sections should be included in a Third Party Authorization Form Mortgage?

1. Parties: Identification of all relevant parties: the Principal (property owner/borrower), the Authorized Person (third party), and the Bank/Financial Institution

2. Background: Brief context explaining the purpose of the authorization and the underlying mortgage transaction

3. Definitions: Key terms used in the document including Property, Mortgage, Authorization Period, and Authorized Acts

4. Scope of Authorization: Detailed description of the powers being granted to the third party, including specific actions they can take regarding the mortgage

5. Property Details: Full legal description of the property subject to the mortgage

6. Duration of Authorization: Specification of the time period for which the authorization is valid

7. Representations and Warranties: Declarations by the Principal regarding their capacity and authority to grant the authorization

8. Obligations of Authorized Person: Duties and responsibilities of the third party when acting under this authorization

9. Revocation: Terms and conditions under which the authorization can be terminated or revoked

10. Governing Law: Specification that Hong Kong law governs the authorization

11. Execution: Signature blocks for all parties with witness requirements

What sections are optional to include in a Third Party Authorization Form Mortgage?

1. Chinese Translation: Parallel Chinese text of the authorization form, required if any party prefers Chinese or if the bank requires bilingual documentation

2. Specific Transaction Authorization: Details of specific mortgage transaction if the authorization is for a particular mortgage application rather than general authority

3. Powers of Attorney: Additional section needed if the authorization is to be registered as a formal power of attorney

4. Bank-Specific Requirements: Additional terms required by specific banks or financial institutions

5. Joint Account Provisions: Required when the property is jointly owned or when the mortgage account is a joint account

6. Foreign Property Provisions: Required when the authorization involves overseas properties or cross-border transactions

What schedules should be included in a Third Party Authorization Form Mortgage?

1. Schedule 1 - Property Description: Detailed legal description of the property including lot number, address, and registration details

2. Schedule 2 - Authorized Acts: Comprehensive list of specific actions the third party is authorized to take

3. Schedule 3 - Required Documents: List of documents the third party is authorized to sign or handle

4. Appendix A - Identification Documents: Copies of identification documents of all parties

5. Appendix B - Property Ownership Proof: Copy of land registry records or other property ownership documentation

6. Appendix C - Specimen Signatures: Specimen signatures of the Principal and Authorized Person

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

Letter of Authority

Sector

Banking

Cost

Free to use
Relevant legal definitions






























Clauses

























Relevant Industries

Banking

Real Estate

Financial Services

Legal Services

Mortgage Lending

Property Development

Wealth Management

Insurance

Relevant Teams

Legal

Mortgage Processing

Compliance

Risk Management

Customer Relations

Property Services

Document Management

Credit Assessment

Wealth Management

Real Estate Services

Relevant Roles

Mortgage Officer

Bank Manager

Legal Counsel

Property Lawyer

Mortgage Broker

Relationship Manager

Compliance Officer

Property Agent

Banking Executive

Real Estate Manager

Loan Officer

Conveyancing Lawyer

Financial Advisor

Risk Manager

Industries








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