Commercial Property Contract

Commercial Property Contract Template for Hong Kong

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Key Requirements PROMPT example:

"I need a Commercial Property Contract for purchasing a 10,000 square foot industrial warehouse in Kwun Tong, Hong Kong, with existing tenancies that need to be maintained, targeting completion by March 2025."

Document background

The Commercial Property Contract serves as the primary legal instrument for transferring commercial real estate ownership in Hong Kong. This document is essential when businesses or individuals seek to purchase or sell commercial properties, including office spaces, retail units, industrial buildings, or mixed-use developments. It must comply with Hong Kong's legal framework, particularly the Conveyancing and Property Ordinance (Cap. 219) and related regulations. The contract encompasses crucial elements such as property specifications, financial terms, completion procedures, and statutory requirements, while addressing unique aspects of Hong Kong's property market, including government lease conditions and building management obligations. It's designed to provide comprehensive protection for both parties while ensuring smooth transaction completion within the jurisdiction's legal parameters.

Suggested Sections

1. Parties: Details of the vendor/seller and purchaser/buyer, including full legal names, registration numbers for companies, and registered addresses

2. Background: Context of the transaction, including brief property history and purpose of the agreement

3. Definitions: Defined terms used throughout the agreement, including property-specific terminology and legal concepts

4. Property Details: Comprehensive description of the property, including lot number, address, and registered particulars

5. Purchase Price: Agreed purchase price, payment structure, and payment methods

6. Completion: Completion date, completion requirements, and procedures for completion

7. Title and Title Documents: Vendor's proof of title, requirements for showing good title, and title documentation

8. Conditions Precedent: Conditions that must be satisfied before completion can occur

9. Vendor's Obligations: Pre-completion and completion obligations of the vendor

10. Purchaser's Obligations: Pre-completion and completion obligations of the purchaser

11. Representations and Warranties: Standard representations and warranties from both parties

12. Default and Termination: Consequences of default and circumstances allowing termination

13. Stamp Duty: Responsibilities for payment of stamp duty and other transaction taxes

14. Costs: Allocation of legal and other transaction costs

15. Notices: Method and addresses for serving notices under the agreement

16. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and severability

17. Execution: Signature blocks and execution formalities

Optional Sections

1. Existing Tenancies: Details of any existing tenancies affecting the property - include when property is sold subject to tenancies

2. Property Management: Specific provisions regarding building management and maintenance - include for multi-unit commercial buildings

3. Environmental Matters: Environmental warranties and indemnities - include for industrial properties or where environmental concerns exist

4. Planning and Development: Planning permissions and development restrictions - include when property has development potential

5. Assignment Restrictions: Restrictions on future assignment or transfer - include when required by building regulations or vendor

6. Mortgage Details: Provisions relating to existing mortgages - include when property is sold subject to existing mortgage

7. Tax Indemnities: Special tax arrangements or indemnities - include for complex commercial structures

8. Break Clauses: Early termination provisions - include when specifically negotiated

Suggested Schedules

1. Property Schedule: Detailed property description, including floor plans and boundary plans

2. Title Documents Schedule: List of all title documents and encumbrances affecting the property

3. Fixtures and Fittings: Inventory of fixtures, fittings, and equipment included in the sale

4. Existing Tenancies Schedule: Details of all existing tenancy agreements affecting the property

5. Property Management Schedule: Building management details, including service charges and management regulations

6. Completion Requirements: Detailed list of documents required for completion

7. Form of Assignment: Agreed form of assignment to be executed at completion

8. Due Diligence Results: Summary of due diligence findings and outstanding matters

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Commercial Property Development

Retail

Banking and Finance

Legal Services

Manufacturing

Hospitality

Healthcare

Technology

Professional Services

Logistics and Warehousing

Education

Relevant Teams

Legal

Real Estate

Finance

Compliance

Operations

Facilities Management

Risk Management

Business Development

Property Management

Asset Management

Relevant Roles

Legal Counsel

Property Manager

Real Estate Director

Commercial Director

Chief Financial Officer

Business Development Manager

Facilities Manager

Contract Manager

Risk Manager

Compliance Officer

Property Investment Manager

Asset Manager

Operations Director

Managing Director

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