The Attornment Agreement serves as a critical legal instrument in Hong Kong's property market when ownership of a leased property changes hands. This document becomes necessary when a property is sold or transferred while subject to an existing lease, requiring formal acknowledgment of the new landlord-tenant relationship. The agreement ensures smooth transition of property rights and obligations, maintaining the integrity of the original lease while establishing the new landlord's authority. Typically used in commercial real estate transactions, the Attornment Agreement includes details of the original lease, the property transfer, and confirms the tenant's recognition of and attestation to the new landlord's rights. The document must comply with Hong Kong's legal framework, particularly the Conveyancing and Property Ordinance and related regulations governing property transactions.
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1. Parties: Identification of the Original Landlord, New Landlord, and Tenant
2. Background: Recitals explaining the original lease arrangement, the transfer of property/interest, and the need for attornment
3. Definitions: Definitions of key terms including 'Original Lease', 'Property', 'Assignment Date', etc.
4. Attornment: Core provision where tenant acknowledges and attorns to the new landlord
5. Confirmation of Lease Terms: Confirmation that original lease terms remain unchanged and binding
6. Representations and Warranties: Basic representations about authority to enter agreement and validity of lease
7. Further Assurance: Obligation to execute further documents if necessary to give effect to the attornment
8. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
9. Execution: Signature blocks for all parties
1. Rent Direction: Instructions regarding payment of rent to new landlord - include if there are specific payment arrangements to be documented
2. Security Deposit Transfer: Provisions dealing with transfer of security deposit from original to new landlord - include if there is a security deposit
3. Outstanding Claims: Provisions addressing any existing claims or disputes - include if there are pending issues
4. Costs: Allocation of costs for preparing and executing the attornment - include if costs are to be shared or allocated specifically
5. Notices: Notice provisions including new contact details - include if different from original lease
6. Successors and Assigns: Standard binding clause - include for larger commercial properties
1. Original Lease: Copy or details of the original lease agreement
2. Property Description: Detailed description of the leased property
3. Transfer Document: Details of the assignment or transfer document creating the need for attornment
4. Rent Payment Details: New rent payment instructions and bank details if applicable
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