The Deed of Sale With Assumption of Mortgage Condominium is a specialized legal instrument used in Hong Kong property transactions where a condominium unit is sold with an existing mortgage that the buyer agrees to take over. This document is particularly relevant when the existing mortgage terms are favorable or when restructuring the mortgage would incur unnecessary costs. It must comply with Hong Kong's property law framework, including the Conveyancing and Property Ordinance, Building Management Ordinance, and banking regulations. The deed comprehensively addresses property transfer, mortgage assumption, condominium management requirements, and necessary consents from all parties. It's commonly used in Hong Kong's active property market, especially in situations where maintaining the existing mortgage arrangement benefits both parties and has the mortgagee bank's approval.
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1. Parties: Identification of Vendor, Purchaser, Existing Mortgagee, and their respective details
2. Background: Recitals explaining the ownership status, existing mortgage, and intention to sell with mortgage assumption
3. Definitions: Definitions of key terms used throughout the deed
4. Sale and Purchase: Core terms of the sale including purchase price, payment terms, and completion requirements
5. Assumption of Mortgage: Terms of mortgage assumption, including outstanding amount, interest rate, and payment schedule
6. Property Details: Detailed description of the condominium unit, including share in common areas
7. Vendor's Warranties: Warranties regarding title, existing mortgage, and property condition
8. Purchaser's Warranties: Warranties regarding financial capacity and assumption of obligations
9. Mortgagee's Consent: Terms of the existing mortgagee's agreement to the assumption
10. Completion Requirements: Details of completion process, including documentation and payments
11. Assignment and Transfer: Terms of legal transfer of property and mortgage obligations
12. Costs and Stamp Duty: Allocation of transaction costs and stamp duty obligations
13. Governing Law: Specification of Hong Kong law as governing law
14. Execution: Execution blocks for all parties with deed requirements
1. Property Management: Include when specific building management requirements need to be addressed
2. Existing Tenancies: Include when the property is subject to ongoing tenancies
3. Car Parking Space: Include when a parking space is included in the sale
4. Mortgage Insurance: Include when mortgage insurance is required or being transferred
5. Renovation Works: Include when there are ongoing or planned renovation works
6. DMC Compliance: Include when specific Deed of Mutual Covenant requirements need highlighting
7. Additional Security: Include when additional security for the mortgage is required
1. Schedule 1 - Property Description: Detailed legal description of the property including lot number, floor plan
2. Schedule 2 - Existing Mortgage Details: Complete details of the existing mortgage being assumed
3. Schedule 3 - Payment Schedule: Breakdown of purchase price payments and mortgage payment schedule
4. Schedule 4 - Completion Documents: List of documents required for completion
5. Schedule 5 - Building Management Rules: Relevant extracts from building management rules
6. Appendix A - Property Floor Plan: Official floor plan of the condominium unit
7. Appendix B - Mortgage Payment History: Statement of current mortgage status and payment history
8. Appendix C - DMC Extract: Relevant extracts from the Deed of Mutual Covenant
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