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Option Contract (Real Estate)

Option Contract (Real Estate) Template for Hong Kong

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Key Requirements PROMPT example:

Option Contract (Real Estate)

"I need a Real Estate Option Contract for a commercial property in Hong Kong's Central district, giving the option holder 6 months from January 2025 to exercise the option, with special provisions for due diligence and potential lease-back arrangements."

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Document background
The Option Contract (Real Estate) is a crucial document in Hong Kong property transactions, particularly useful in situations where parties need time to finalize arrangements before committing to a full property purchase. This document provides the potential purchaser with exclusive rights to buy the property within a specified period while protecting the seller's interests through an option fee. Commonly used in both commercial and residential real estate transactions, it must comply with Hong Kong's property laws, including the Conveyancing and Property Ordinance and Stamp Duty requirements. The agreement typically includes comprehensive details about the property, pricing, timeframes, and exercise mechanisms, making it essential for property developers, investors, and individuals seeking to secure future property purchases.
Suggested Sections

1. Parties: Identification of the Option Grantor (property owner) and Option Holder, including full legal names and addresses

2. Background: Context of the agreement, relationship between parties, and brief description of the property and transaction purpose

3. Definitions: Definitions of key terms used throughout the agreement, including 'Option Period', 'Exercise Notice', 'Option Fee', 'Purchase Price'

4. Grant of Option: Core clause granting the option rights, specifying exclusivity and basic terms

5. Option Fee and Payment: Details of the option fee, payment terms, and whether it forms part of the purchase price

6. Option Period: Duration of the option, including start and end dates, and any extension mechanisms

7. Exercise of Option: Process and requirements for exercising the option, including notice requirements

8. Purchase Price: Agreed purchase price for the property if option is exercised

9. Property Details: Detailed description of the property subject to the option

10. Representations and Warranties: Standard warranties about property ownership, authority to sell, and condition

11. Termination: Circumstances under which the option agreement may be terminated

12. Governing Law and Jurisdiction: Confirmation of Hong Kong law as governing law and jurisdiction

Optional Sections

1. Due Diligence: Terms regarding the option holder's right to conduct property investigations, used when due diligence is allowed during option period

2. Conditions Precedent: Any conditions that must be satisfied before option can be exercised, included when specific requirements must be met

3. Assignment: Terms regarding the ability to assign the option rights, included when transferability of the option is contemplated

4. Mortgagee Consent: Requirements for obtaining mortgagee consent, included when property is mortgaged

5. Real Estate Agent: Commission arrangements and agent details, included when property agents are involved

6. Stamp Duty: Specific arrangements for payment of stamp duty, included when parties agree to specific allocation

7. Confidentiality: Confidentiality obligations, included for sensitive commercial transactions

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property description, including lot number, address, and registered particulars

2. Schedule 2 - Form of Exercise Notice: Template notice for exercising the option

3. Schedule 3 - Title Documents: List of relevant title documents and encumbrances

4. Schedule 4 - Existing Tenancies: Details of any existing tenancies affecting the property

5. Schedule 5 - Payment Schedule: Detailed breakdown of payments including option fee, deposits, and completion payment

6. Appendix A - Property Plans: Floor plans, location maps, and other property diagrams

7. Appendix B - Due Diligence Documents: List of documents to be provided for due diligence

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




























Clauses





























Relevant Industries

Real Estate

Commercial Property

Residential Property

Property Development

Construction

Banking and Finance

Real Estate Investment

Property Management

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Compliance

Investment

Property Management

Acquisitions

Development

Asset Management

Risk Management

Corporate Affairs

Relevant Roles

Real Estate Lawyer

Property Developer

Real Estate Agent

Investment Manager

Property Manager

Legal Counsel

Compliance Officer

Real Estate Investment Director

Asset Manager

Transaction Manager

Development Director

Acquisitions Manager

Corporate Lawyer

Property Consultant

Real Estate Investment Analyst

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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