The Purchase Agreement For House is a fundamental legal document used in Hong Kong residential property transactions. It is essential when transferring ownership of houses from sellers to buyers in Hong Kong's property market. The agreement must comply with Hong Kong's property law framework, including the Conveyancing and Property Ordinance (Cap. 219) and various stamp duty regulations. The document typically includes detailed provisions about the property, purchase price, payment schedule, completion requirements, and both parties' obligations. It's particularly important as property transactions in Hong Kong involve significant financial commitments and must address specific local requirements such as stamp duties, title proving, and property registration processes.
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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 being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the property, including the purchase price
5. Deposit: Terms regarding the initial deposit, its payment and holding
6. Purchase Price and Payment Terms: Detailed breakdown of the purchase price, payment schedule, and method of payment
7. Completion: Completion date, procedures, and requirements for completion
8. Property Title and Title Documents: Vendor's warranties regarding good title and requirements for proving title
9. Vendor's Representations and Warranties: Standard warranties about the property's condition, ownership, and encumbrances
10. Purchaser's Representations and Warranties: Purchaser's confirmations regarding capacity and funding
11. Conditions Precedent: Conditions that must be satisfied before completion
12. Pre-completion Obligations: Obligations of both parties between exchange and completion
13. Stamp Duty: Responsibilities for payment of various stamp duties
14. Default: Consequences of default by either party
15. Termination: Circumstances under which the agreement may be terminated
16. Notices: How formal notices under the agreement should be given
17. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction
1. Mortgage: Include when purchaser requires mortgage financing, detailing arrangements and conditions
2. Existing Tenancies: Include when property is sold subject to existing tenancies
3. Property Management: Include for properties in managed buildings or estates
4. Furniture and Fittings: Include when sale includes specific furniture or fittings
5. Building Orders: Include when there are outstanding building orders or notices
6. Tax Matters: Include for specific tax arrangements or implications
7. Agent Commission: Include when property agents are involved
8. Joint Ownership Provisions: Include when property is being purchased by multiple buyers
1. Schedule 1 - Property Description: Detailed description of the property including lot number, address, and registered details
2. Schedule 2 - Purchase Price Breakdown: Itemized breakdown of the purchase price and payment schedule
3. Schedule 3 - Title Documents: List of title documents to be delivered on completion
4. Schedule 4 - Fixtures and Fittings: Inventory of fixtures and fittings included/excluded from the sale
5. Schedule 5 - Existing Tenancies: Details of any existing tenancies affecting the property
6. Appendix A - Property Plans: Floor plans and location plans of the property
7. Appendix B - Completion Documents: List of documents required for completion
8. Appendix C - Form of Assignment: Draft form of the assignment to be executed on completion
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