The Apartment Purchase Agreement is a crucial legal document used in Hong Kong's real estate transactions for the sale and purchase of residential apartments. It is designed to comply with Hong Kong's common law system and specific property legislation, including the Conveyancing and Property Ordinance (Cap. 219) and the Stamp Duty Ordinance (Cap. 117). This agreement is essential when transferring ownership of residential property, whether for investment purposes or personal use. It contains detailed provisions covering property description, purchase price, payment terms, completion arrangements, warranties, and obligations of both parties. The document typically includes schedules for property details, fixtures and fittings, and forms part of the formal documentation required for property registration with the Hong Kong Land Registry.
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1. Parties: Identification of the Vendor and Purchaser with full legal names and details
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, floor area, and government lease details
5. Purchase Price: Agreed purchase price and payment schedule including initial deposit and balance payment terms
6. Completion: Completion date, procedures, and requirements for finalizing the transaction
7. Title and Ownership: Vendor's warranties regarding clear title and ownership rights
8. Conditions Precedent: Conditions that must be satisfied before completion
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 due diligence
11. Representations and Warranties: Standard warranties about the property's condition and legal status
12. Default and Termination: Consequences of default by either party and termination provisions
13. Stamp Duty: Responsibilities for payment of various stamp duties
14. Costs and Expenses: Allocation of legal costs and other expenses
15. Notices: How formal notices between parties should be given
16. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction
1. Mortgage Arrangements: Details of mortgage financing if the purchase is subject to mortgage approval
2. Existing Tenancy: Details of any existing tenancy agreements if the property is sold with sitting tenants
3. Car Parking Space: Details of any included car parking space or arrangements
4. Furniture and Fittings: List of furniture and fittings included in the sale, if any
5. Renovation Works: Details of any ongoing or planned renovation works
6. Property Management: Specific management fee arrangements or outstanding charges
7. Force Majeure: Provisions for unforeseen circumstances preventing completion
8. Assignment Restrictions: Any restrictions on future assignment or transfer of the property
1. Schedule 1 - Property Description: Detailed property description including floor plans and specifications
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and timing
3. Schedule 3 - Title Documents: List of title documents and their contents
4. Schedule 4 - Fixtures and Fittings: Inventory of fixtures and fittings included in the sale
5. Schedule 5 - Form of Assignment: Template or agreed form of the assignment deed
6. Appendix A - Floor Plan: Official floor plan of the property
7. Appendix B - Land Search: Recent land search results showing encumbrances
8. Appendix C - Management Rules: Building management rules and regulations
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Finance
Legal Services
Property Development
Property Management
Insurance
Investment
Professional Services
Relevant Teams
Legal
Real Estate
Conveyancing
Property Management
Sales
Compliance
Risk Management
Documentation
Investment Advisory
Relevant Roles
Real Estate Lawyer
Property Manager
Estate Agent
Bank Manager
Mortgage Broker
Legal Executive
Conveyancing Manager
Property Developer
Investment Advisor
Compliance Officer
Real Estate Investment Manager
Property Valuer
Title Insurance Officer
Property Transaction Coordinator
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