The Real Estate Sales Agreement is a crucial legal document used in Hong Kong property transactions to formalize the sale and purchase of real estate property. It serves as the primary contract between the vendor and purchaser, incorporating all essential terms and conditions required under Hong Kong law. This document is typically prepared after the provisional agreement stage and before completion, detailing property specifications, payment terms, warranties, and completion requirements. It must comply with Hong Kong's Conveyancing and Property Ordinance, Stamp Duty Ordinance, and other relevant legislation. The agreement is essential for both residential and commercial property transactions, providing legal protection for all parties and ensuring proper registration with the Land Registry. It's particularly important in Hong Kong's dynamic real estate market, where property transactions require strict adherence to local regulations and customs.
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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 property description
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including lot number, address, and registered details
5. Purchase Price: Statement of the purchase price and payment terms including deposits and completion payment
6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and handling of deposits
7. Completion: Completion date, requirements, and procedures for closing the transaction
8. Title and Transfer: Vendor's warranty of good title and procedures for title transfer
9. Representations and Warranties: Standard warranties from both parties regarding capacity, authority, and property condition
10. Stamp Duty: Responsibilities for payment of various applicable stamp duties
11. Costs and Expenses: Allocation of legal costs, registration fees, and other transaction expenses
12. Risk and Insurance: Transfer of risk and insurance responsibilities
13. Default Provisions: Consequences of default by either party and remedies
14. Notices: Process for serving notices between parties
15. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction
1. Tenancy: Required when the property is sold subject to existing tenancy
2. Mortgage: Required when there's an existing mortgage to be discharged
3. Car Parking Space: Required when the sale includes parking space
4. Fixtures and Fittings: Required when specific fixtures and fittings are included/excluded from the sale
5. Pre-existing Violations: Required when there are known building or land use violations
6. Property Management: Required for properties in managed buildings or estates
7. Provisional Agreement Integration: Required when incorporating terms from a provisional agreement
8. Agent Commission: Required when real estate agents are involved in the transaction
1. Schedule 1 - Property Details: Detailed property description including lot number, floor area, and boundaries
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and timing
3. Schedule 3 - Inventory: List of fixtures, fittings, and furnishings included in the sale
4. Schedule 4 - Title Documents: List of title documents and certified copies to be delivered
5. Schedule 5 - Existing Tenancy Details: Details of any existing tenancy agreements
6. Appendix A - Property Floor Plan: Floor plan showing property layout and dimensions
7. Appendix B - Land Search Results: Recent land search results showing encumbrances
8. Appendix C - Completion Requirements: Checklist of documents required for completion
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Banking and Finance
Legal Services
Property Management
Construction
Investment
Professional Services
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Investment
Operations
Risk Management
Corporate Services
Business Development
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Conveyancing Manager
Legal Counsel
Property Developer
Investment Manager
Compliance Officer
Real Estate Investment Director
Property Transaction Officer
Bank Manager
Title Officer
Real Estate Portfolio Manager
Property Sales Manager
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