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House Buying Contract for Hong Kong

House Buying Contract Template for Hong Kong

A House Buying Contract governed by Hong Kong law is a legally binding agreement that facilitates the transfer of residential property ownership from a vendor to a purchaser. This document encompasses all essential elements required under Hong Kong's property law framework, including detailed property specifications, purchase price, payment terms, completion requirements, and statutory obligations. It incorporates provisions for compliance with Hong Kong's stamp duty regulations, land registration requirements, and property transfer procedures, while ensuring alignment with local conveyancing practices and property ordinances.

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What is a House Buying Contract?

The House Buying Contract is a fundamental legal document used in Hong Kong's real estate transactions to formalize the purchase and sale of residential properties. This document is essential when any residential property transfer occurs in Hong Kong, whether for private residences, apartments, or houses. It must comply with Hong Kong's legal framework, particularly the Conveyancing and Property Ordinance (Cap. 219) and related legislation. The contract includes crucial details such as property specifications, purchase price, payment schedule, completion arrangements, and both parties' obligations. It also addresses specific Hong Kong requirements like stamp duty payments, title investigation procedures, and Land Registry registration requirements. This document serves as the primary agreement between parties and forms the basis for the property transfer process in Hong Kong's property market.

What sections should be included in a House Buying Contract?

1. Parties: Identification of the vendor and purchaser with full legal names and addresses

2. Background: Context of the transaction including brief property description and intention to sell/purchase

3. Definitions: Defined terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.

4. Sale and Purchase: Core agreement to sell and purchase the property at the specified price

5. Purchase Price: Details of the purchase price, payment schedule, and deposit arrangements

6. Conditions Precedent: Conditions that must be satisfied before completion, including title investigation and financing

7. Title and Property Investigation: Vendor's obligations regarding proof of title and purchaser's right to investigate

8. Completion: Completion date, procedures, and requirements for both parties

9. Representations and Warranties: Vendor's warranties about the property's condition, title, and encumbrances

10. Risk and Insurance: Transfer of risk and insurance responsibilities

11. Default and Termination: Consequences of default by either party and termination rights

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

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

14. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction

What sections are optional to include in a House Buying Contract?

1. Mortgage Requirements: Include when purchaser requires mortgage financing, detailing conditions and requirements

2. Tenancy Provisions: Include when property is sold subject to existing tenancy

3. Renovation and Repairs: Include when specific renovation or repair works are agreed to be completed before completion

4. Car Parking Space: Include when sale includes parking space

5. Furniture and Fittings: Include when sale includes specific furniture or fittings

6. Property Management: Include for properties in managed buildings or estates

7. Power of Attorney: Include when either party acts through an attorney

8. Joint Ownership Provisions: Include when property is purchased by multiple buyers

What schedules should be included in a House Buying Contract?

1. Property Description Schedule: Detailed description of the property including lot number, floor area, and boundaries

2. Inventory Schedule: List of included fixtures, fittings, and furniture if applicable

3. Payment Schedule: Detailed breakdown of payment installments and timing

4. Title Documents: List of title documents and certified copies to be delivered

5. Existing Tenancy Details: Details of any existing tenancy agreements affecting the property

6. Property Inspection Report: Results of property inspection and identified defects

7. Deed of Mutual Covenant: Building management rules and regulations if applicable

8. Completion Requirements Checklist: List of documents and requirements for completion

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

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions

































Clauses






























Relevant Industries

Real Estate

Legal Services

Banking and Finance

Property Development

Property Management

Insurance

Construction

Professional Services

Wealth Management

Relevant Teams

Legal

Real Estate

Conveyancing

Property Management

Compliance

Risk Management

Operations

Finance

Client Relations

Documentation

Administrative Support

Relevant Roles

Real Estate Lawyer

Property Agent

Conveyancing Manager

Legal Director

Property Manager

Mortgage Advisor

Real Estate Director

Property Valuer

Compliance Officer

Legal Counsel

Real Estate Partner

Transaction Manager

Property Administrator

Risk Manager

Contract Administrator

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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