Document background
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.
