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The Provisional Sales and Purchase Agreement is a crucial document in Hong Kong property transactions, serving as the first formal step in the property purchase process. It is typically executed when a buyer and seller reach initial agreement on a property sale, usually through an estate agent. While provisional in nature, this agreement is legally binding and requires careful consideration as it forms the basis for the subsequent formal Sale and Purchase Agreement prepared by solicitors. The document includes essential details such as property particulars, purchase price, payment schedule, completion date, and various legal obligations under Hong Kong law. It triggers the payment of initial deposit and creates mutual obligations between parties, with serious consequences for default. This agreement is particularly important in Hong Kong's fast-moving property market, where transactions need to be secured quickly while allowing time for detailed legal work to follow.

1. Parties: Identification of the Vendor and Purchaser with full legal names, ID/passport numbers, and addresses

2. Background: Brief context of the transaction and property ownership status

3. Definitions: Key terms used throughout the agreement including Property, Purchase Price, Initial Deposit, Further Deposit, and Completion Date

4. Property Details: Full legal description of the property including address, lot number, and registered particulars

5. Purchase Price: Agreed purchase price and payment schedule including deposit amounts and timing

6. Payment Terms: Detailed breakdown of payment structure, deposit arrangements, and completion payment

7. Completion: Completion date, time, and location details

8. Property Inspection: Confirmation of property inspection by purchaser and accepted condition

9. Estate Agency: Details of estate agency handling the transaction and commission arrangements

10. Stamp Duty: Responsibilities for various stamp duties applicable to the transaction

11. Formal Agreement: Timeline and obligations for entering into formal Sale and Purchase Agreement

12. Termination: Consequences of default by either party and termination provisions

13. Governing Law: Confirmation of Hong Kong law as governing law