The Cancellation of Agreement to Sell is a crucial document used in Hong Kong when parties mutually agree to terminate an existing sale agreement. This document is typically required when circumstances change after the original agreement is signed but before completion, such as when financing falls through, due diligence reveals issues, or parties simply agree not to proceed with the transaction. The document must comply with Hong Kong's common law system and relevant ordinances, including the Contract and Rights of Third Parties Ordinance and, where applicable, the Conveyancing and Property Ordinance. It typically includes provisions for the return of deposits, mutual releases, cost allocations, and may address stamp duty implications for property transactions. The document serves to legally protect all parties by clearly documenting the termination terms and ensuring a clean break from the original agreement.
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1. Parties: Names and details of all parties to the cancellation agreement, including the original seller and purchaser
2. Background: Details of the original agreement to sell, including its date, subject matter, and key terms
3. Definitions: Definitions of key terms used in the cancellation agreement, including reference to the Original Agreement
4. Cancellation: Clear statement of the mutual agreement to cancel the original agreement and the effective date of cancellation
5. Return of Deposits and Payments: Provisions regarding the return of any deposits or payments made under the original agreement
6. Mutual Release: Mutual release of claims and obligations under the original agreement
7. Costs: Provisions regarding who bears the costs associated with the cancellation
8. Governing Law and Jurisdiction: Confirmation that Hong Kong law governs the cancellation agreement
9. Execution: Signature blocks and execution provisions
1. Third Party Rights: Required when there are third parties whose rights might be affected by the cancellation
2. Surviving Obligations: Needed when certain obligations from the original agreement should survive the cancellation
3. Confidentiality: Include when parties wish to keep the terms of the cancellation confidential
4. Tax Implications: Required when there are specific tax consequences that need to be addressed
5. Further Assurance: Include when parties need to take additional actions to give effect to the cancellation
6. Stamp Duty Arrangements: Required for property transactions where stamp duty implications need to be addressed
1. Schedule 1 - Original Agreement Details: Copy or details of the original agreement being cancelled
2. Schedule 2 - Payment Settlement Details: Breakdown of any financial settlements, including deposits to be returned
3. Schedule 3 - Outstanding Obligations: List of any outstanding obligations and how they will be handled
4. Appendix A - Confirmation of No Claims: Form of mutual confirmation that no claims exist between the parties
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