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Property Purchase Agreement

Property Purchase Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Property Purchase Agreement

"I need a Property Purchase Agreement for a Hong Kong commercial property transaction between two corporate entities, with specific provisions for existing tenancies and a phased completion schedule starting March 2025."

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Document background
The Property Purchase Agreement is a fundamental legal document used in Hong Kong real estate transactions to formalize the sale and purchase of property. It is essential for any property transfer in Hong Kong, whether residential, commercial, or industrial. The agreement must comply with Hong Kong's legal framework, particularly the Conveyancing and Property Ordinance (Cap. 219) and related legislation. It includes critical information such as property details, purchase price, payment terms, completion requirements, warranties, and specific Hong Kong requirements like stamp duty declarations. This document is typically prepared after preliminary terms are agreed upon in a Provisional Agreement for Sale and Purchase, and it serves as the definitive agreement governing the transaction until completion. The agreement protects both parties' interests and ensures a clear understanding of their rights and obligations throughout the property transfer process.
Suggested Sections

1. Parties: Identification of the Vendor and Purchaser with full legal names and 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. Sale and Purchase: Core agreement for the sale and purchase of the property, including purchase price

5. Deposit: Terms regarding the initial deposit, its payment and holding

6. Purchase Price and Payment Terms: Detailed breakdown of the purchase price, payment schedule, and method of payment

7. Completion: Completion date, requirements, and procedures

8. Property Title and Ownership: Vendor's warranties regarding clean title and ownership rights

9. Conditions of Property: State and condition of the property, fixtures, and fittings

10. Stamp Duty: Declarations and obligations regarding stamp duty payment

11. Representations and Warranties: Standard warranties from both parties

12. Default and Termination: Consequences of default and termination rights

13. Costs and Expenses: Allocation of legal costs and other expenses

14. Notices: Process for serving notices between parties

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

Optional Sections

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

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

3. Building Management: Include for properties in multi-unit buildings, addressing management fees and obligations

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

5. Pre-existing Alterations: Include when property has undergone alterations requiring specific warranties

6. Agent Commission: Include when property agents are involved in the transaction

7. Special Conditions: Include for any unique requirements or conditions specific to the transaction

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including lot number, address, and registered details

2. Schedule 2 - Purchase Price Breakdown: Itemized breakdown of the purchase price and payment schedule

3. Schedule 3 - Fixtures, Fittings and Chattels: List of items included and excluded from the sale

4. Schedule 4 - Form of Assignment: Template or requirements for the assignment deed

5. Schedule 5 - Completion Requirements: Detailed list of documents required for completion

6. Appendix A - Property Plans: Floor plans and property boundaries

7. Appendix B - Title Documents: Copies of relevant title documents and land search

8. Appendix C - Existing Tenancy Agreement: If applicable, copy of current tenancy agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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




















































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Relevant Industries

Real Estate

Residential Property

Commercial Property

Banking and Finance

Property Development

Property Investment

Legal Services

Property Management

Construction

Retail (for retail properties)

Hospitality (for hotel properties)

Industrial (for industrial properties)

Relevant Teams

Legal

Real Estate

Property Management

Investment

Compliance

Finance

Asset Management

Corporate Secretarial

Risk Management

Operations

Property Development

Acquisitions

Relevant Roles

Real Estate Lawyer

Property Lawyer

Conveyancing Lawyer

Real Estate Agent

Property Manager

Real Estate Development Manager

Investment Manager

Property Investment Analyst

Legal Counsel

Company Secretary

Compliance Officer

Real Estate Director

Chief Investment Officer

Asset Manager

Property Portfolio Manager

Real Estate Transaction Manager

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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