The Contract For Houses And Residential Land is a fundamental legal document used in Hong Kong's real estate transactions. It serves as the primary agreement between parties involved in the sale and purchase of residential properties, incorporating Hong Kong's unique legal requirements and property regulations. The document is essential for both new and secondary market transactions, ensuring compliance with the Conveyancing and Property Ordinance, Land Registration Ordinance, and other relevant Hong Kong legislation. It includes comprehensive provisions covering property details, payment terms, warranties, and completion requirements, while addressing specific Hong Kong considerations such as stamp duty obligations and property registration requirements. This contract type is particularly important given Hong Kong's complex property market and its hybrid legal system combining common law principles with local ordinances.
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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
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the property including lot number, address, and registered particulars
5. Purchase Price: Agreed purchase price and payment terms including deposit arrangements
6. Completion: Completion date, procedures, and requirements for completion
7. Title and Transfer: Vendor's warranty of good title and procedures for title transfer
8. Vendor's Representations and Warranties: Standard warranties about property condition, ownership, and encumbrances
9. Purchaser's Representations and Warranties: Confirmations regarding purchase capacity and compliance with stamp duty requirements
10. Conditions Precedent: Conditions that must be satisfied before completion
11. Vacant Possession: Obligations regarding delivery of vacant possession
12. Default and Remedies: Consequences of default by either party and available remedies
13. Costs and Stamp Duty: Allocation of legal costs and stamp duty obligations
14. Notices: Process for serving notices between parties
15. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction
1. Existing Tenancies: Required when the property is sold subject to existing tenancies
2. Mortgage Status: Required when the property has an existing mortgage to be discharged
3. Property Management: Required for properties in managed buildings or estates
4. Car Parking Space: Required when a parking space is included in the sale
5. Furniture and Fittings: Required when specific furniture or fittings are included in the sale
6. Special Conditions: Required for any unique circumstances or requirements specific to the transaction
7. Building Orders: Required when there are outstanding building orders or notices
8. Third Party Consent: Required when consent from third parties (e.g., government) is needed
1. Schedule 1 - Property Description: Detailed property description including boundaries, measurements, and features
2. Schedule 2 - Purchase Price Payment Schedule: Breakdown of payment installments and timing
3. Schedule 3 - Included Fixtures and Fittings: Inventory of fixtures and fittings included in the sale
4. Schedule 4 - Form of Assignment: Template or requirements for the assignment deed
5. Schedule 5 - Outstanding Management Fees: Details of any outstanding management fees or charges
6. Appendix A - Property Plans: Floor plans and location plans of the property
7. Appendix B - Title Documents: List of relevant title documents
8. Appendix C - Certificates and Permits: Copies of relevant certificates and permits
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