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Purchase Agreement For Land

Purchase Agreement For Land Template for Hong Kong

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Key Requirements PROMPT example:

Purchase Agreement For Land

"I need a Purchase Agreement For Land for a Hong Kong commercial property transaction closing in March 2025, where the property is currently tenanted and includes a car parking space, with specific provisions for existing lease agreements to be maintained."

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Document background
The Purchase Agreement For Land is a crucial document used in Hong Kong real estate transactions to formalize the transfer of land ownership rights. It is essential in Hong Kong's unique property market where all land is held under a leasehold system from the government. This document is used when parties have agreed to proceed with a land transaction following initial negotiations and preliminary agreements. It contains detailed provisions covering the property description, purchase price, payment terms, title requirements, completion procedures, and stamp duty obligations. The agreement must comply with Hong Kong's property laws, including the Conveyancing and Property Ordinance and Land Registration Ordinance, and typically follows established market practices for property transactions in Hong Kong.
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 to sell and purchase the property, including the purchase price

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

6. Title: Vendor's proof of title and purchaser's right to investigate title

7. Conditions of Sale: Standard conditions applying to the sale including government lease conditions

8. Completion: Completion date, requirements, and procedures

9. Stamp Duty: Obligations regarding payment of stamp duty and other transaction taxes

10. Representations and Warranties: Standard warranties about the property and authority to sell

11. Risk and Insurance: Provisions about risk transfer and insurance requirements

12. Default: Consequences of default by either party

13. Notices: How formal notices under the agreement should be given

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

15. General Provisions: Standard boilerplate provisions including entire agreement, variations, etc.

Optional Sections

1. Vacant Possession: Required if property is being sold with vacant possession rather than subject to tenancies

2. Existing Tenancies: Required if property is being sold subject to existing tenancies

3. Property Management: Required for properties in multi-story buildings with management obligations

4. Mortgage Discharge: Required if property is being sold subject to an existing mortgage

5. Government Lease Conditions: Detailed section required if there are special conditions in the government lease

6. Building Orders: Required if there are outstanding building orders or notices

7. Car Parking Space: Required if sale includes parking space

8. Preliminary Agreement: Required if there was a preliminary sale and purchase agreement

Suggested Schedules

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

2. Title Documents: List of title documents and encumbrances

3. Inventory: List of fixtures, fittings and chattels included in the sale

4. Form of Assignment: Agreed form of assignment to be executed on completion

5. Government Lease Extract: Relevant extracts from the government lease

6. Existing Tenancy Agreements: Copies of any existing tenancy agreements

7. Property Management Details: Details of management fees and special fund contributions

8. Completion Requirements: Checklist of documents required for completion

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









































Clauses































Relevant Industries

Real Estate

Property Development

Construction

Banking & Finance

Legal Services

Property Investment

Commercial Property

Residential Property

Industrial Property

Urban Planning

Relevant Teams

Legal

Real Estate

Property Development

Acquisitions

Compliance

Finance

Investment

Property Management

Project Development

Due Diligence

Relevant Roles

Real Estate Lawyer

Property Developer

Land Surveyor

Real Estate Agent

Property Manager

Legal Counsel

Conveyancing Manager

Property Investment Manager

Development Director

Compliance Officer

Real Estate Investment Manager

Transaction Manager

Property Acquisition 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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