Assignment Of Lease From Seller To Buyer Template for Hong Kong

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Key Requirements PROMPT example:

Assignment Of Lease From Seller To Buyer

"I need an Assignment of Lease from Seller to Buyer for my retail space in Causeway Bay, Hong Kong, with the assignment to be completed by March 15, 2025, and including provisions for the transfer of existing shop fittings and security deposits."

Document background
The Assignment Of Lease From Seller To Buyer is a crucial document in Hong Kong's property market, used when an existing tenant wishes to transfer their leasehold interest to another party before the lease expires. This document is essential for businesses and individuals looking to acquire or dispose of leasehold interests in commercial, retail, or residential properties. It must comply with Hong Kong's property laws and regulations, including requirements for landlord's consent, stamp duty payment, and registration at the Land Registry. The assignment includes detailed information about the property, original lease terms, consideration amount, and specific conditions of the transfer. It's particularly important in Hong Kong's dynamic property market where lease assignments are common practice for business relocations, expansions, or property investments.
Suggested Sections

1. Parties: Identifies the Assignor (current tenant/seller), Assignee (buyer), and Landlord

2. Background: Recites details of the original lease, confirms landlord's consent, and states intention to assign

3. Definitions: Defines key terms used throughout the document including 'Lease', 'Property', 'Assignment Date', etc.

4. Agreement to Assign: Core clause where Assignor agrees to assign and Assignee agrees to accept assignment of the lease

5. Consideration: States the purchase price and payment terms for the assignment

6. Completion: Specifies the completion date, time, and place, and completion requirements

7. Assignor's Covenants: Warranties and representations by the Assignor regarding the lease and property

8. Assignee's Covenants: Assignee's obligations including compliance with lease terms and indemnities

9. Landlord's Consent: Acknowledgment and incorporation of landlord's consent conditions

10. Stamp Duty: Specifies responsibility for payment of stamp duty

11. Costs: Allocation of legal and other costs related to the assignment

12. Governing Law: Confirms Hong Kong law governs the agreement

13. Execution: Formal execution block for all parties to sign

Optional Sections

1. Existing Deposits: Required when there are existing security deposits to be transferred or dealt with

2. Outstanding Rent: Include when there are provisions for apportioning rent, management fees, or utilities

3. Conditions Precedent: Used when completion is subject to specific conditions being satisfied

4. Property Contents: Required when furniture or fittings are included in the assignment

5. Break Clause: Include if there's an existing break clause that needs to be addressed

6. Guarantor: Required when there is a guarantor for the Assignee's obligations

7. Real Estate Agent: Include when there are provisions regarding agent's commission

Suggested Schedules

1. Schedule 1 - The Property: Detailed description of the property including address and registration particulars

2. Schedule 2 - The Lease: Full details of the existing lease including date, parties, and term

3. Schedule 3 - Landlord's Consent Conditions: Lists all conditions imposed by landlord for consenting to the assignment

4. Schedule 4 - Property Contents: Inventory of any furniture or fittings included in the assignment

5. Appendix A - Copy of Original Lease: Attached copy of the original lease document

6. Appendix B - Landlord's Consent Letter: Attached copy of the landlord's written consent

7. Appendix C - Floor Plan: Plan showing the layout of the property

Authors

Alex Denne

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

Relevant Industries

Real Estate

Commercial Property

Retail

Hospitality

Office Space

Industrial Property

Residential Property

Banking and Finance

Legal Services

Property Management

Relevant Teams

Legal

Real Estate

Operations

Finance

Compliance

Property Management

Facilities

Business Development

Asset Management

Risk Management

Relevant Roles

Legal Counsel

Property Manager

Real Estate Manager

Facility Manager

Lease Administrator

Commercial Director

Operations Manager

Chief Financial Officer

Business Development Manager

Asset Manager

Property Lawyer

Compliance Officer

Real Estate Agent

Property Consultant

Transaction Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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