The Purchase Sale Agreement (Real Estate) is a crucial legal document used in Hong Kong property transactions to formalize the transfer of real estate between parties. It serves as the primary contract governing the rights, obligations, and responsibilities of both vendors and purchasers in property transactions within Hong Kong's jurisdiction. This document is essential for both residential and commercial property transfers, incorporating specific requirements under Hong Kong's property laws, including the Conveyancing and Property Ordinance, Land Registration Ordinance, and Stamp Duty Ordinance. The agreement typically includes detailed property descriptions, payment terms, completion requirements, warranties, and specific provisions addressing local real estate practices and regulatory requirements. It is designed to protect both parties' interests while ensuring compliance with Hong Kong's stringent property transaction regulations.
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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 Details: Comprehensive description of the property including lot number, address, and registered details
5. Purchase Price: Agreed purchase price and payment structure including deposits and completion payment
6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default
7. Completion: Completion date, procedures, and requirements for closing the transaction
8. Title and Transfer: Vendor's warranty of good title and obligations regarding transfer of property
9. Vendor's Representations and Warranties: Warranties regarding property condition, ownership, and encumbrances
10. Purchaser's Representations and Warranties: Purchaser's confirmations regarding financial capacity and understanding of the transaction
11. Stamp Duty Declaration: Declarations regarding stamp duty liability and payment responsibilities
12. Conditions Precedent: Conditions that must be satisfied before completion
13. Default and Termination: Consequences of default and circumstances allowing termination
14. Notices: Process and requirements for giving notices under the agreement
15. Governing Law and Jurisdiction: Confirmation of Hong Kong law as governing law and jurisdiction
16. Execution: Signature blocks and execution requirements
1. Mortgage Arrangements: Include when purchaser requires mortgage financing, detailing arrangements and conditions
2. Existing Tenancies: Include when property is sold subject to existing tenancies, detailing tenant rights and obligations
3. Property Management: Include for properties in managed buildings, detailing management fees and obligations
4. Furniture and Fittings: Include when sale includes furniture or fittings, with detailed inventory
5. Development Obligations: Include for properties in new developments with ongoing obligations
6. Car Parking Space: Include when sale includes parking space, detailing specific rights and restrictions
7. Agent Commission: Include when transaction involves property agents, detailing commission arrangements
8. Renovation Period: Include when vendor allows purchaser early access for renovations
9. Special Conditions: Include for any unique requirements or conditions specific to the transaction
1. Property Description Schedule: Detailed property description including boundaries, dimensions, and included features
2. Payment Schedule: Detailed breakdown of payment installments and timing
3. Title Documents: List of title documents and relevant land registry records
4. Inventory List: Detailed list of included furniture, fittings, and equipment if applicable
5. Property Inspection Report: Results of property inspection and condition assessment
6. Existing Tenancy Schedule: Details of any existing tenancy agreements affecting the property
7. Approved Building Plans: Copies of approved building plans and modifications
8. Management Rules: Building management rules and regulations if applicable
9. Certificates and Permits: Relevant certificates including occupation permit and other statutory approvals
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