Consideration


Short Description:

For the purposes of the Memorial, it means any money consideration expressed in the deed. For example, the purchase price in an Assignment.


Quick Tips:


FAQ:

Q1: If the Release/Receipt on Discharge of a Charge does not mention any consideration, should I state 'NIL' in this box?
A: Either 'NIL' or 'N.A.' is acceptable.

Q2: For Release/Receipt on Discharge of a Charge, should I state the consideration of the relevant Mortgage/Legal Charge in the Consideration box?
A: We accept the completion of this box with either the consideration of the relevant Mortgage/Legal Charge or 'NIL' or 'N.A.' or 'All monies'.

Q3: For Mortgage in which the Bank loan and HKHA loan are separately stated in the instrument, can I simply state the total amount of these two loans in the Consideration box?
A: We accept the completion of the Consideration box with either the total sum of the Bank loan and the HKHA loan or separate amounts for the two loans as "Bank loan $XXXX.XX ; HKHA loan $XXXXX.XX".

Q4: If the consideration of a registered instrument is varied in the Supplemental Agreement, how should I complete the Consideration box for the subject instrument?
A: You should state the new consideration in the Consideration box.

Q5: For Confirmation of Assignment/Agreement or Supplementary Agreement, is it a must to complete the Consideration box?
A: If there is no change to the consideration of the previously registered Agreement, we accept the completion of the Consideration box with 'NIL' or 'N.A.'.

Q6: For Assignment effecting a distribution of assets by a limited company in voluntary liquidation, how should I complete the Consideration box?
A: We accept the completion of the Consideration box with wordings as 'in satisfaction of the assignee's share and interest in the company assets' or 'in specie distribution' or 'NIL' or other versions of similar meaning as shown in the instrument.

Q7: For Memorandum of Outstanding Management Fee, is it a must to complete the Consideration box?
A: The completion of the Consideration box is optional.

Q8: For Charging Order, is it a must to complete the Consideration box?
A: The completion of the Consideration box is optional.

Q9: For Lease/Tenancy Agreement, what should be stated in the Consideration box?
A: You should state the rent particulars of a Lease/Tenancy Agreement in the Consideration box but the insertion of other rental terms is optional.

Q10: How to complete the Consideration box if no or nominal consideration is mentioned in an Assent/Deed of Gift?
A: We accept the completion of the Consideration box with either 'NIL' or 'N.A.' or a nominal amount such as '$1' as shown in the instrument.

Q11: If the money consideration mentioned in the instrument is in currencies other than Hong Kong dollar, how should I complete the Consideration box?
A: You should state the currency and the amount of consideration as specified in the subject instrument e.g. US$500,000.