The Agreement For Sale and Purchase with Plan is a crucial document in Hong Kong's property development sector, primarily used for transactions involving properties that are yet to be completed or are under construction. This agreement type is essential when developers sell properties 'off-plan' or during the construction phase, requiring detailed specifications of the final product. It must comply with Hong Kong's stringent property laws, particularly the Residential Properties (First-hand Sales) Ordinance, which protects purchasers buying uncompleted properties. The document includes comprehensive details about construction specifications, completion timelines, payment schedules, and defect liability periods, while also incorporating necessary provisions for plan variations, construction delays, and quality assurance. It serves as both a sale and purchase agreement and a development agreement, ensuring that both parties' interests are protected throughout the construction and property transfer process.
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1. Parties: Identification and details of the Vendor and Purchaser
2. Background: Context of the transaction, including property development details and construction status
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the property at the specified price
5. Purchase Price and Payment Terms: Detailed breakdown of the purchase price and payment schedule
6. Plans and Specifications: Description of the property plans and building specifications
7. Construction and Completion: Timeline for construction completion and handling of delays
8. Completion: Procedures and requirements for completion of the sale
9. Vacant Possession: Terms for delivering vacant possession of the property
10. Title and Title Documents: Vendor's obligations regarding good title and delivery of title documents
11. Defects Liability: Vendor's obligations regarding defects and the defects liability period
12. Default: Consequences of default by either party
13. Notices: Process for serving notices between parties
14. General Provisions: Standard contract clauses including governing law and jurisdiction
1. Mortgage: Terms relating to mortgage arrangements, used when purchaser requires mortgage financing
2. Agent Commission: Details of estate agent commission if the sale involves estate agents
3. Decorations and Fittings: Special provisions for additional decorations or fittings, if offered by vendor
4. Car Parking Space: Additional terms for included car parking space, if applicable
5. Stamp Duty: Special arrangements regarding stamp duty payment, if relevant
6. Pre-existing Tenancy: Terms dealing with existing tenants, if property is sold with sitting tenant
7. Government Grant Conditions: Special conditions relating to government grant, if applicable
1. Property Details: Detailed description of the property including lot number, floor area, and share of undivided shares
2. Floor Plans: Architectural plans showing the layout and dimensions of the property
3. Payment Schedule: Detailed schedule of payment installments and timing
4. Specifications: Detailed building specifications including materials and finishes
5. Fittings and Fixtures: List of included fittings, fixtures, and appliances
6. Building Rules and Regulations: Relevant building rules and management regulations
7. Form of Assignment: Template or agreed form of the assignment to be executed upon completion
8. Construction Timeline: Detailed timeline of construction milestones and expected completion dates
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Architecture and Design
Relevant Teams
Legal
Real Estate
Property Development
Sales
Compliance
Construction
Project Management
Property Management
Contracts Administration
Relevant Roles
Property Developer
Real Estate Lawyer
Conveyancing Solicitor
Property Manager
Project Manager
Sales Director
Construction Manager
Legal Counsel
Compliance Officer
Real Estate Agent
Development Director
Architect
Contract Manager
Real Estate Investment Manager
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