The Payoff Demand Statement is a crucial document in Hong Kong's lending landscape, issued when a borrower requests information about the total amount needed to fully satisfy their loan obligation. This document is typically required in several scenarios: when selling a mortgaged property, refinancing a loan, or planning to pay off a loan ahead of schedule. The statement must comply with Hong Kong's Banking Ordinance and the Code of Banking Practice, providing accurate calculations of the outstanding balance, interest, and any applicable fees. A proper Payoff Demand Statement includes a specific validity period (usually 10-30 days) during which the quoted payoff amount remains accurate, as interest continues to accrue daily. The document serves as an official record for both parties and is often required by third parties such as new lenders or property buyers' representatives.

1. Lender Information: Full legal name and contact details of the lending institution

2. Borrower Information: Full name and address of the borrower

3. Loan Reference Details: Loan account number, original loan amount, and date of loan agreement

4. Statement Date: Date as of which the payoff amount is calculated

5. Payoff Amount: Total amount required to fully satisfy the loan obligation

6. Payoff Breakdown: Itemized breakdown of principal, interest, fees, and any other charges

7. Good Through Date: Date until which the payoff amount remains valid

8. Payment Instructions: Detailed instructions for making the payoff payment

9. Contact Information: Details for questions or clarifications about the payoff statement