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The Car Buying Agreement serves as a legally binding document for vehicle transactions in Hong Kong, providing essential protection for both buyers and sellers. It is commonly used in both private sales and dealership transactions, incorporating mandatory requirements under Hong Kong's Road Traffic Ordinance and Sale of Goods Ordinance. The agreement should be used whenever a vehicle is being sold or purchased, whether between private individuals or commercial entities. It includes crucial details such as vehicle specifications, price, payment terms, warranties, and transfer procedures, while ensuring compliance with Hong Kong's strict vehicle registration and ownership transfer requirements. This document is particularly important given Hong Kong's specific regulations regarding vehicle ownership, transfer procedures, and mandatory insurance requirements.
