Assignable Real Estate Contract Template for Hong Kong

The Assignable Real Estate Contract is essential for property transactions in Hong Kong where the purchaser may wish to retain the right to assign their interests before completion. This document type is particularly relevant in the dynamic Hong Kong property market, where assignment rights can be valuable in both residential and commercial transactions. The contract ensures compliance with Hong Kong's property laws, including the Conveyancing and Property Ordinance, Land Registration Ordinance, and Stamp Duty Ordinance. It contains comprehensive provisions for property transfer, assignment rights, completion requirements, and all necessary warranties and representations, while accommodating the specific requirements of Hong Kong's property registration system and stamp duty regime.

1. Parties: Identification of the vendor, purchaser, and any other relevant parties including their full legal names and addresses

2. Background: Context of the transaction and statement of the parties' intention to enter into an assignable contract

3. Definitions: Definitions of key terms used throughout the agreement, including Property, Completion Date, Purchase Price, and Assignment

4. Property Details: Comprehensive description of the property including address, lot number, and registered details

5. Purchase Price: The agreed purchase price, payment terms, and deposit arrangements

6. Assignment Rights: Terms and conditions governing the purchaser's right to assign the contract, including any restrictions or requirements

7. Completion: Details of the completion process, timing, and requirements

8. Title and Documentation: Vendor's warranties regarding title and requirements for proving good title

9. Conditions Precedent: Any conditions that must be satisfied before completion

10. Representations and Warranties: Standard representations and warranties from both parties

11. Default and Termination: Consequences of default and circumstances allowing termination

12. Stamp Duty: Obligations regarding payment of stamp duty and other transaction taxes

13. Costs: Allocation of legal and other transaction costs

14. Notices: Process for giving formal notices under the contract

15. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction