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The Provisional Agreement For Sale And Purchase (PASP) is a fundamental document in Hong Kong property transactions, serving as the first formal step in the property transfer process. This document is typically used immediately after a verbal agreement is reached between the vendor and purchaser, and before the formal Sale and Purchase Agreement is prepared by solicitors. The PASP includes essential information such as party details, property specifications, purchase price, payment schedule, completion date, and other key terms. While provisional in nature, it is legally binding under Hong Kong law and usually requires the purchaser to pay an initial deposit (typically 3-5% of the purchase price). The document provides protection for both parties and sets out the timeline for the subsequent steps in the transaction, including the signing of the formal agreement and completion. It must comply with various Hong Kong ordinances, including the Conveyancing and Property Ordinance and the Stamp Duty Ordinance.

1. Parties: Identification of the Vendor and Purchaser with full legal names, ID/passport numbers, and addresses

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

3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, and other relevant terms

4. Property Details: Full legal description of the property including address, lot number, and registered details

5. Purchase Price: Agreed purchase price and payment schedule including initial deposit, further deposit, and balance payment

6. Payment Terms: Detailed breakdown of payment schedule, payment methods, and banking details

7. Completion: Completion date, time, and location, including provisions for delayed completion

8. Property Inspection: Confirmation of property inspection by purchaser and current condition acceptance

9. Vendor's Obligations: Responsibilities of the vendor including delivery of vacant possession and documentation

10. Purchaser's Obligations: Responsibilities of the purchaser including payment and documentation requirements

11. Stamp Duty: Provisions regarding payment of stamp duty and other applicable taxes

12. Default Provisions: Consequences of default by either party

13. Formal Sale and Purchase Agreement: Provisions regarding the preparation and execution of the formal agreement

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

15. Execution: Signature blocks for all parties and witnesses