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Property Buy Sell Agreement for Hong Kong

Property Buy Sell Agreement Template for Hong Kong

A comprehensive legal document governed by Hong Kong law that formalizes the sale and purchase of real property between a vendor and purchaser. This agreement outlines all essential terms of the transaction, including property details, purchase price, payment terms, completion requirements, and parties' obligations. It incorporates Hong Kong-specific requirements such as stamp duty obligations, Land Registry requirements, and compliance with local property regulations. The document serves as the primary binding agreement for property transactions in Hong Kong and must conform to the requirements of the Conveyancing and Property Ordinance.

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What is a Property Buy Sell Agreement?

The Property Buy Sell Agreement is a crucial legal document used in Hong Kong real estate transactions to formalize the transfer of property ownership. It is essential for both residential and commercial property transactions and must comply with Hong Kong's specific legal framework, including the Conveyancing and Property Ordinance, Stamp Duty Ordinance, and Land Registration Ordinance. This document is typically prepared after the provisional agreement and includes detailed terms covering property details, payment structure, completion requirements, warranties, and specific Hong Kong regulatory requirements. It serves as the definitive agreement between parties and is required for registration with the Land Registry. The agreement must address unique aspects of Hong Kong property law, such as government lease conditions, multiple stamp duties, and specific requirements for foreign buyers.

What sections should be included in a Property Buy Sell Agreement?

1. Parties: Identification and details of the Vendor and Purchaser, including full legal names, identification numbers, and correspondence addresses

2. Background: Context of the transaction and brief description of the property being sold

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

4. Property Details: Comprehensive description of the property including lot number, address, floor area, and registered details at the Land Registry

5. Purchase Price: Agreed purchase price and payment structure, including deposit and completion payment details

6. Completion: Completion date, procedures, and requirements for completing the sale and purchase

7. Vendor's Representations and Warranties: Warranties regarding property ownership, encumbrances, and condition

8. Purchaser's Representations and Warranties: Warranties regarding purchase capacity and financial ability

9. Title: Provisions regarding proof of good title and title requisitions

10. Stamp Duty: Obligations regarding payment of various applicable stamp duties

11. Vacant Possession: Terms for delivering vacant possession of the property

12. Default: Consequences and remedies in case of default by either party

13. Notices: Process and requirements for serving notices under the agreement

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

What sections are optional to include in a Property Buy Sell Agreement?

1. Existing Tenancy: Required when the property is sold subject to an existing tenancy, detailing tenant rights and obligations

2. Mortgage: Required when the property is being sold subject to an existing mortgage or when purchaser requires mortgage financing

3. Property Management: Required for properties in managed buildings, detailing management fees and obligations

4. Renovation Status: Required when the property is sold with ongoing or recently completed renovations

5. Car Parking Space: Required when the sale includes a parking space

6. Furniture and Fittings: Required when the sale includes specific furniture or fittings

7. Agent Commission: Required when property agents are involved in the transaction

8. Special Conditions: For any unique circumstances or requirements specific to the transaction

What schedules should be included in a Property Buy Sell Agreement?

1. Schedule 1 - Property Details: Detailed property information including floor plans, measurements, and boundaries

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms, amounts, and dates

3. Schedule 3 - Title Documents: List of title documents and certified copies to be delivered

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

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

6. Appendix B - Land Search: Recent land search results from the Land Registry

7. Appendix C - Completion Documents: List of documents required for completion

8. Appendix D - Due Diligence Documents: Copies of relevant documents including management fees receipts, rates and government rent receipts

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

Investment

Insurance

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Contract Administration

Corporate Secretarial

Risk Management

Investment

Operations

Relevant Roles

Real Estate Lawyer

Property Agent

Legal Counsel

Conveyancing Manager

Property Manager

Real Estate Director

Compliance Officer

Contract Manager

Real Estate Investment Manager

Property Development Manager

Bank Manager

Mortgage Specialist

Legal Administrator

Company Secretary

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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