Real Estate Purchase And Sale Agreement Form

Real Estate Purchase And Sale Agreement Form Template for Hong Kong

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Key Requirements PROMPT example:

"I need a Real Estate Purchase and Sale Agreement Form for a luxury residential property in Hong Kong's Mid-Levels area, with completion scheduled for March 2025, including provisions for existing tenants and sale of furniture."

Document background

The Real Estate Purchase and Sale Agreement Form is a crucial legal document used in Hong Kong property transactions. It serves as the binding contract between parties involved in real estate transfers, incorporating specific requirements under Hong Kong's property law system. This document is essential when transferring ownership of any real estate property in Hong Kong, whether residential, commercial, or industrial. It must comply with various ordinances including the Conveyancing and Property Ordinance (Cap. 219) and the Land Registration Ordinance (Cap. 128). The agreement typically includes detailed property descriptions, purchase price, payment terms, completion arrangements, and statutory requirements such as stamp duty obligations. It's designed to protect both buyers' and sellers' interests while ensuring compliance with Hong Kong's stringent property transaction regulations.

Suggested Sections

1. Parties: Identification of buyer and seller with full legal names, identification numbers, and addresses

2. Background: Context of the transaction and brief property introduction

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

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

5. Purchase Price: Agreed purchase price, payment structure, and deposit arrangements

6. Payment Terms: Detailed payment schedule, deposit handling, and funding requirements

7. Completion: Completion date, procedures, and requirements for closing the transaction

8. Title and Transfer: Seller's title warranties and transfer obligations

9. Representations and Warranties: Standard warranties by both parties, including property condition and authority to sell

10. Stamp Duty: Responsibilities for various stamp duties applicable under Hong Kong law

11. Conditions Precedent: Conditions that must be satisfied before completion

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

13. Costs and Expenses: Allocation of legal fees, stamp duties, and other transaction costs

14. Notices: Communication procedures between parties

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

Optional Sections

1. Mortgage Requirements: Include when buyer requires mortgage financing, detailing conditions and requirements

2. Tenancy Provisions: Include when property is sold with existing tenants, addressing handover of tenancy

3. Property Management: Include for properties in managed buildings, detailing management fee arrangements

4. Car Parking Space: Include when sale includes parking space, detailing specific terms

5. Furniture and Fittings: Include when sale includes furniture or fittings, with detailed inventory

6. Pre-existing Violations: Include when addressing known building code or regulatory violations

7. Special Conditions: Include for unique property features or transaction requirements

8. Estate Agent Commission: Include when transaction involves estate agents, detailing commission arrangements

Suggested Schedules

1. Property Schedule: Detailed property description, including boundary plans and floor plans

2. Inventory List: Detailed list of included fixtures, fittings, and furniture if applicable

3. Title Documents: List of relevant title documents and encumbrances

4. Existing Tenancy Details: Details of existing tenancy arrangements if applicable

5. Payment Schedule: Detailed breakdown of payment installments and timing

6. Property Inspection Report: Results of property inspection and condition assessment

7. Building Management Details: Management fees, special fund contributions, and related obligations

8. Deed of Mutual Covenant: Summary of relevant provisions from the Deed of Mutual Covenant

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Banking & Finance

Legal Services

Property Development

Property Management

Construction

Investment & Asset Management

Professional Services

Retail & Commercial Property

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Asset Management

Finance

Sales

Operations

Risk Management

Document Control

Relevant Roles

Real Estate Agent

Property Lawyer

Conveyancing Manager

Legal Counsel

Property Manager

Investment Manager

Asset Manager

Compliance Officer

Real Estate Director

Property Development Manager

Bank Manager

Legal Secretary

Title Examiner

Real Estate Broker

Transaction Manager

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