The House Buying Contract is a fundamental legal document used in Hong Kong's real estate transactions to formalize the purchase and sale of residential properties. This document is essential when any residential property transfer occurs in Hong Kong, whether for private residences, apartments, or houses. It must comply with Hong Kong's legal framework, particularly the Conveyancing and Property Ordinance (Cap. 219) and related legislation. The contract includes crucial details such as property specifications, purchase price, payment schedule, completion arrangements, and both parties' obligations. It also addresses specific Hong Kong requirements like stamp duty payments, title investigation procedures, and Land Registry registration requirements. This document serves as the primary agreement between parties and forms the basis for the property transfer process in Hong Kong's property market.
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1. Parties: Identification of the vendor and purchaser with full legal names and addresses
2. Background: Context of the transaction including brief property description and intention to sell/purchase
3. Definitions: Defined terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.
4. Sale and Purchase: Core agreement to sell and purchase the property at the specified price
5. Purchase Price: Details of the purchase price, payment schedule, and deposit arrangements
6. Conditions Precedent: Conditions that must be satisfied before completion, including title investigation and financing
7. Title and Property Investigation: Vendor's obligations regarding proof of title and purchaser's right to investigate
8. Completion: Completion date, procedures, and requirements for both parties
9. Representations and Warranties: Vendor's warranties about the property's condition, title, and encumbrances
10. Risk and Insurance: Transfer of risk and insurance responsibilities
11. Default and Termination: Consequences of default by either party and termination rights
12. Stamp Duty: Responsibilities for payment of stamp duty and other transaction taxes
13. Notices: How formal notices between parties should be given
14. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction
1. Mortgage Requirements: Include when purchaser requires mortgage financing, detailing conditions and requirements
2. Tenancy Provisions: Include when property is sold subject to existing tenancy
3. Renovation and Repairs: Include when specific renovation or repair works are agreed to be completed before completion
4. Car Parking Space: Include when sale includes parking space
5. Furniture and Fittings: Include when sale includes specific furniture or fittings
6. Property Management: Include for properties in managed buildings or estates
7. Power of Attorney: Include when either party acts through an attorney
8. Joint Ownership Provisions: Include when property is purchased by multiple buyers
1. Property Description Schedule: Detailed description of the property including lot number, floor area, and boundaries
2. Inventory Schedule: List of included fixtures, fittings, and furniture if applicable
3. Payment Schedule: Detailed breakdown of payment installments and timing
4. Title Documents: List of title documents and certified copies to be delivered
5. Existing Tenancy Details: Details of any existing tenancy agreements affecting the property
6. Property Inspection Report: Results of property inspection and identified defects
7. Deed of Mutual Covenant: Building management rules and regulations if applicable
8. Completion Requirements Checklist: List of documents and requirements for completion
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Banking and Finance
Property Development
Property Management
Insurance
Construction
Professional Services
Wealth Management
Relevant Teams
Legal
Real Estate
Conveyancing
Property Management
Compliance
Risk Management
Operations
Finance
Client Relations
Documentation
Administrative Support
Relevant Roles
Real Estate Lawyer
Property Agent
Conveyancing Manager
Legal Director
Property Manager
Mortgage Advisor
Real Estate Director
Property Valuer
Compliance Officer
Legal Counsel
Real Estate Partner
Transaction Manager
Property Administrator
Risk Manager
Contract Administrator
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