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Contract To Sell Condo for Hong Kong

Contract To Sell Condo Template for Hong Kong

A comprehensive legal agreement governed by Hong Kong law that facilitates the sale and purchase of a condominium unit. This document outlines the terms and conditions of the property transfer, including purchase price, payment terms, completion arrangements, and obligations of both parties. It incorporates specific requirements under Hong Kong's property laws, including provisions for stamp duty, title transfer procedures, and compliance with the Conveyancing and Property Ordinance. The agreement provides legal protection for both the vendor and purchaser while ensuring the transaction meets all regulatory requirements of Hong Kong's property market.

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Contract To Sell Condo

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What is a Contract To Sell Condo?

The Contract To Sell Condo is a fundamental legal instrument in Hong Kong's real estate transactions, essential for both residential and investment property dealings. This document is used when a property owner (vendor) agrees to sell their condominium unit to a purchaser under specific terms and conditions. It must comply with Hong Kong's property laws, particularly the Conveyancing and Property Ordinance and Land Registration Ordinance. The contract includes crucial details such as property specifications, purchase price, payment schedule, completion arrangements, and respective obligations of the parties. It addresses specific Hong Kong requirements like stamp duty payments, title verification procedures, and property management regulations. This agreement typically serves as the primary document in property transactions and forms the basis for subsequent conveyancing procedures.

What sections should be included in a Contract To Sell Condo?

1. Parties: Identification of the Vendor and Purchaser with full legal names and addresses

2. Background: Brief context of the transaction and property ownership status

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Detailed description of the property including lot number, floor area, and undivided shares

5. Purchase Price: Statement of the purchase price and payment schedule

6. Payment Terms: Detailed payment structure including deposits and completion payment

7. Conditions Precedent: Conditions that must be satisfied before completion

8. Completion: Completion date, arrangements, and requirements

9. Title and Documents: Vendor's obligations regarding proof of title and required documentation

10. Representations and Warranties: Standard warranties about property ownership and condition

11. Stamp Duty: Responsibilities for payment of stamp duty

12. Costs: Allocation of legal and other transaction costs

13. Default: Consequences of default by either party

14. Notices: How formal notices should be given between parties

15. Governing Law: Confirmation of Hong Kong law as governing law

What sections are optional to include in a Contract To Sell Condo?

1. Mortgage Status: Required if property has an existing mortgage that needs to be discharged

2. Tenancy Details: Required if property is currently tenanted

3. Car Parking Space: Required if a parking space is included in the sale

4. Furniture and Fittings: Required if sale includes furniture or fitted appliances

5. Special Conditions: For any unusual requirements or conditions specific to this transaction

6. Estate Agent Commission: Required if transaction involves estate agent fees

7. Pre-existing Defects: Required if there are known defects to be acknowledged

8. Renovation Agreement: Required if specific renovation works are agreed as part of the sale

What schedules should be included in a Contract To Sell Condo?

1. Schedule 1 - Property Description: Detailed property description including floor plan and boundaries

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and timing

3. Schedule 3 - Title Documents: List of title documents to be delivered on completion

4. Schedule 4 - Inventory: List of included furniture and fittings (if applicable)

5. Appendix A - Floor Plan: Official floor plan showing property dimensions and layout

6. Appendix B - Land Search: Recent land search results showing title details

7. Appendix C - Photographs: Photographs of property condition at time of contract (if agreed)

8. Appendix D - Building Management Rules: Relevant extracts from building management rules

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

Jurisdiction

Hong Kong

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions









































Clauses






























Relevant Industries

Real Estate

Legal Services

Banking and Finance

Property Development

Property Management

Construction

Insurance

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Documentation

Risk Management

Corporate Services

Investment

Operations

Relevant Roles

Real Estate Lawyer

Property Lawyer

Conveyancing Solicitor

Real Estate Agent

Property Manager

Legal Counsel

Compliance Officer

Property Developer

Real Estate Investment Manager

Bank Manager

Mortgage Specialist

Property Consultant

Real Estate Transaction Manager

Legal Document Specialist

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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