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Divorce Buyout Agreement Form Template for Hong Kong

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Key Requirements PROMPT example:

Divorce Buyout Agreement Form

"I need a Divorce Buyout Agreement Form for our Hong Kong matrimonial home valued at HKD 12 million, where I will buy out my spouse's 50% share with a lump sum payment by March 2025, with the agreement including provisions for existing mortgage transfer."

Document background
The Divorce Buyout Agreement Form is a crucial document in Hong Kong divorce settlements where one spouse wishes to retain ownership of jointly held property, particularly the matrimonial home, by buying out the other spouse's share. This document becomes necessary when divorcing couples agree to a property settlement that involves a complete transfer of ownership rather than a sale to third parties. The agreement must comply with Hong Kong's matrimonial and property laws, including the Matrimonial Proceedings and Property Ordinance (Cap. 192) and the Conveyancing and Property Ordinance (Cap. 219). It typically includes detailed provisions for payment terms, property valuation, mortgage arrangements, and the mechanics of transferring legal title, ensuring a clean break between the parties while protecting both parties' legal and financial interests.
Suggested Sections

1. Parties: Identification of both spouses with full legal names and addresses

2. Background: Brief history of marriage, divorce proceedings reference, and context for the buyout agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Subject to Buyout: Detailed description of all property/assets included in the buyout arrangement

5. Purchase Price and Payment Terms: Specified buyout amount and detailed payment structure

6. Transfer of Rights: Terms of transferring ownership rights and responsibilities

7. Representations and Warranties: Each party's assertions about their authority, property ownership, and disclosure of relevant information

8. Release of Claims: Mutual release of future claims related to the bought-out property

9. Tax Implications: Acknowledgment and allocation of tax responsibilities

10. Costs and Expenses: Allocation of legal fees, stamp duty, and other transaction costs

11. Governing Law: Specification of Hong Kong law as governing law

12. Execution: Signature blocks and witnessing requirements

Optional Sections

1. Mortgage and Existing Encumbrances: Include when property has existing mortgage or liens that need to be addressed

2. Conditional Terms: Include when buyout is subject to specific conditions (e.g., mortgage approval, sale of other assets)

3. Interim Arrangements: Include when temporary arrangements are needed before completion of the buyout

4. Third Party Consents: Include when approvals from banks, trustees, or other parties are required

5. Insurance: Include when transfer of insurance policies or new insurance requirements need to be addressed

6. Default and Remedies: Include when specific consequences for breach need to be outlined

7. Continued Occupation: Include when one party will continue to occupy the property during the buyout process

Suggested Schedules

1. Schedule A - Property Details: Detailed description of all property subject to buyout, including legal descriptions and registration details

2. Schedule B - Payment Schedule: Detailed payment plan including dates, amounts, and payment methods

3. Schedule C - Outstanding Encumbrances: List of all mortgages, liens, or other encumbrances affecting the property

4. Schedule D - Valuation Reports: Professional valuation reports or agreed valuations of property

5. Appendix 1 - Required Documents: List of documents required for property transfer and buyout completion

6. Appendix 2 - Transfer Forms: Relevant property transfer forms and documents required by Hong Kong authorities

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Relevant Industries

Legal Services

Real Estate

Financial Services

Banking

Insurance

Property Management

Professional Services

Conveyancing

Relevant Teams

Legal

Real Estate

Conveyancing

Family Law

Property Services

Financial Advisory

Document Processing

Compliance

Risk Management

Relevant Roles

Family Law Attorney

Property Lawyer

Conveyancing Solicitor

Legal Associate

Paralegal

Real Estate Agent

Property Valuer

Mortgage Advisor

Legal Secretary

Financial Advisor

Bank Manager

Insurance Underwriter

Property 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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