The Purchase Contract For Home is a fundamental legal document used in Hong Kong residential property transactions. It is essential for documenting the agreed terms between a property seller and buyer, ensuring compliance with Hong Kong's property laws and regulations. This contract type is mandatory for all residential property sales in Hong Kong and must incorporate specific provisions required by local legislation, including the Conveyancing and Property Ordinance and the Stamp Duty Ordinance. The document typically includes detailed property descriptions, payment terms, completion arrangements, warranties, and specific provisions addressing stamp duties and title transfer requirements. It serves as the primary reference point for all parties involved in the transaction and is crucial for protecting their respective rights and interests. The contract's format and content have evolved to address Hong Kong's unique property market characteristics and regulatory requirements.
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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. Property Details: Comprehensive description of the property including address, lot number, and registered details
5. Purchase Price: Agreed purchase price and payment structure including deposits and completion payment
6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default
7. Completion: Completion date, procedures, and requirements for property handover
8. Title and Transfer: Vendor's warranty of good title and obligations regarding property transfer
9. Vendor's Representations and Warranties: Warranties regarding property condition, unauthorized structures, and encumbrances
10. Purchaser's Representations and Warranties: Purchaser's confirmations regarding financial capacity and understanding of property condition
11. Stamp Duty: Responsibilities for various applicable stamp duties
12. Vacant Possession: Conditions for delivering vacant possession of the property
13. Default and Termination: Consequences of default and termination rights
14. Governing Law and Jurisdiction: Confirmation of Hong Kong law as governing law and jurisdiction
1. Mortgage Arrangements: Include when purchaser requires mortgage financing, detailing conditions and requirements
2. Existing Tenancy: Include when property is sold subject to existing tenancy, specifying treatment of rental deposits and lease terms
3. Renovation Period: Include when vendor allows purchaser to renovate before completion
4. Property Management: Include for properties in managed buildings, detailing management fee arrangements
5. Car Parking Space: Include when sale includes parking space, detailing specific terms and conditions
6. Furniture and Fittings: Include when sale includes furniture or fittings, listing included items
7. Pre-existing Violations: Include when there are known building code violations or unauthorized structures
8. Agency Commission: Include when property agents are involved, detailing commission arrangements
1. Schedule 1 - Property Details: Detailed property description, including lot number, floor area, and building plans
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and timing
3. Schedule 3 - Inventory List: List of fixtures, fittings, and furniture included in the sale
4. Schedule 4 - Title Documents: List of title documents and their locations
5. Schedule 5 - Existing Defects: Documentation of any existing defects acknowledged by both parties
6. Appendix A - Property Floor Plan: Official floor plan of the property
7. Appendix B - Land Search Results: Recent land search results showing encumbrances and ownership
8. Appendix C - Completed Property Inspection Report: Report detailing property condition at time of sale
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Banking and Finance
Property Development
Property Management
Insurance
Wealth Management
Professional Services
Relevant Teams
Legal
Real Estate
Conveyancing
Property Management
Compliance
Sales
Documentation
Risk Management
Client Relations
Operations
Relevant Roles
Real Estate Lawyer
Property Agent
Conveyancing Manager
Legal Assistant
Property Manager
Mortgage Officer
Bank Manager
Real Estate Developer
Property Investment Advisor
Compliance Officer
Legal Secretary
Title Search Specialist
Property Valuer
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