The Purchase Agreement for Improved Property is a fundamental legal document used in Hong Kong real estate transactions involving developed properties such as residential apartments, commercial buildings, or industrial premises. This agreement is essential when transferring ownership of improved real estate and must comply with Hong Kong's property law requirements, including the Conveyancing and Property Ordinance (Cap. 219) and Land Registration Ordinance (Cap. 128). It serves as the primary contract between vendor and purchaser, documenting all crucial aspects of the transaction including property details, price, payment terms, conditions precedent, completion requirements, and respective obligations of the parties. The agreement is particularly important in Hong Kong's dynamic property market, where high-value transactions and complex property rights require careful documentation and legal protection.
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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. Property Description: Detailed description of the property including lot number, address, and registered particulars
5. Purchase Price: Statement of the purchase price and payment terms including deposits and completion payment
6. Payment Terms: Detailed breakdown of payment schedule, deposit requirements, and payment methods
7. Conditions Precedent: Conditions that must be satisfied before completion of the purchase
8. Title and Title Documents: Vendor's warranties regarding title and requirements for proving good title
9. Completion: Completion date, location, and requirements for completion of the sale
10. Vendor's Obligations: Obligations of the vendor before and at completion
11. Purchaser's Obligations: Obligations of the purchaser before and at completion
12. Property Condition: Statement about the condition in which the property will be delivered
13. Risk and Insurance: Provisions regarding risk transfer and insurance requirements
14. Default: Consequences of default by either party
15. Notices: Requirements for giving notices under the agreement
16. Governing Law: Specification of Hong Kong law as governing law and jurisdiction
17. Execution: Execution blocks for all parties
1. Mortgage Arrangements: Include when purchaser requires mortgage financing
2. Tenancy Provisions: Include when property is subject to existing tenancies
3. Property Management: Include for properties in managed buildings or estates
4. Stamp Duty Declaration: Include when special stamp duty rates or exemptions apply
5. Agent Commission: Include when property agents are involved in the transaction
6. Vacant Possession: Include when specific arrangements for vacant possession are required
7. Furniture and Fittings: Include when sale includes specific furniture or fittings
8. Car Parking Space: Include when car parking space is included in the sale
1. Schedule 1 - Property Details: Detailed property information including lot number, floor area, and boundaries
2. Schedule 2 - Purchase Price Breakdown: Detailed breakdown of the purchase price including all deposits and payments
3. Schedule 3 - Title Documents: List of title documents and certified copies to be delivered
4. Schedule 4 - Inventory: List of included fixtures, fittings, and furniture (if applicable)
5. Appendix A - Property Plans: Floor plans and location plans of the property
6. Appendix B - Completion Requirements: Detailed checklist of documents required for completion
7. Appendix C - Existing Tenancy Details: Details of any existing tenancies (if applicable)
8. Appendix D - Property Photographs: Photographs documenting the condition of the property
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