The Real Estate Purchase Agreement Contract is a fundamental legal document used in Hong Kong property transactions to formalize the sale and purchase of real estate. It serves as the primary agreement between a vendor and purchaser, incorporating all essential terms and conditions required under Hong Kong law. This document is mandatory for any property transaction in Hong Kong and must comply with specific local legal requirements, including the Conveyancing and Property Ordinance (Cap. 219) and various stamp duty regulations. The agreement covers crucial aspects such as property details, purchase price, payment terms, completion arrangements, and parties' obligations. It's particularly important as property transactions in Hong Kong often involve significant values and complex legal requirements, making a comprehensive and properly drafted agreement essential for protecting all parties' interests and ensuring a smooth transfer of property ownership.
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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 particulars
5. Purchase Price: Agreed purchase price and payment terms including deposit and balance payment schedule
6. Completion: Details of completion date, time, and place, and procedures for completion
7. Title and Transfer: Vendor's warranties regarding title and provisions for transfer of property
8. Vendor's Representations and Warranties: Warranties regarding property condition, ownership, and encumbrances
9. Purchaser's Representations and Warranties: Purchaser's confirmations regarding capacity and funding
10. Conditions Precedent: Conditions that must be satisfied before completion
11. Default and Termination: Consequences of default by either party and termination provisions
12. Stamp Duty: Obligations regarding payment of stamp duty and other transaction taxes
13. Costs and Expenses: Allocation of legal costs and other expenses
14. Notices: Process for serving notices between parties
15. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction
16. General Provisions: Standard boilerplate clauses including entire agreement, severability, and amendments
1. Mortgage Status: Required when property is subject to an existing mortgage that needs to be discharged
2. Tenancy Details: Required when property is subject to existing tenancy
3. Property Management: Required for properties in multi-unit buildings with management fees
4. Furniture and Fittings: Required when sale includes specific furniture or fittings
5. Renovation Works: Required when there are ongoing or planned renovation works
6. Car Parking Space: Required when sale includes parking space
7. Third Party Consent: Required when transaction requires consent from third parties
8. Special Conditions: For any unique requirements specific to the transaction
1. Schedule 1 - Property Details: Detailed property information including floor plans and boundaries
2. Schedule 2 - Purchase Price Payment Schedule: Detailed breakdown of payment installments and timing
3. Schedule 3 - Included Fixtures and Fittings: Inventory of items included in the sale
4. Schedule 4 - Form of Assignment: Template for the assignment document
5. Schedule 5 - Outstanding Management Fees: Details of any outstanding fees or charges
6. Appendix A - Property Floor Plan: Official floor plan of the property
7. Appendix B - Land Search Documents: Recent land search results showing title details
8. Appendix C - Completion Checklist: List of documents and actions required for completion
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Banking and Finance
Property Development
Property Management
Construction
Investment
Professional Services
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Acquisitions
Investment
Contract Administration
Risk Management
Corporate Services
Operations
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Conveyancing Manager
Legal Counsel
Property Developer
Investment Manager
Real Estate Investment Director
Compliance Officer
Contract Manager
Property Acquisition Manager
Real Estate Portfolio Manager
Legal Director
Transaction Manager
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