The Addendum To Purchase And Sale Agreement is a crucial document used in Hong Kong property transactions when parties need to modify terms of their original agreement without creating an entirely new contract. It's commonly used when circumstances change between the initial agreement and completion, such as adjusting purchase price, changing completion dates, or modifying property specifications. The document must comply with Hong Kong's property laws, including the Conveyancing and Property Ordinance and Stamp Duty Ordinance, and requires careful drafting to ensure changes are clearly defined while preserving the validity of the original agreement. This addendum is particularly important in Hong Kong's dynamic property market, where transaction terms may need adjustment due to market conditions, regulatory requirements, or parties' changing circumstances.
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1. Parties: Full legal names and addresses of all parties to the original agreement
2. Background: Reference to the original Purchase and Sale Agreement including its date and any previous amendments, and brief context for why this addendum is needed
3. Definitions: Key terms used in the addendum, incorporating definitions from the original agreement where applicable
4. Amendment Details: Specific modifications to the original agreement, clearly stating which sections are being modified, deleted, or added
5. Effect on Original Agreement: Statement confirming that all other terms and conditions of the original agreement remain in full force and effect
6. Governing Law: Confirmation that the addendum is governed by Hong Kong law
7. Execution: Signature blocks for all parties and date of execution
1. Consideration: Required if there is any new or additional consideration being provided for the changes
2. Conditions Precedent: Include if there are any conditions that must be met before the amendments take effect
3. Representations and Warranties: Include if any new representations or warranties are needed specific to the amendments
4. Third Party Consents: Include if any third party approvals are required for the amendments
5. Time of Effect: Include if the amendments are to take effect at a different time from the execution of the addendum
6. Stamp Duty Declaration: Include if the amendments affect the stamp duty obligations of the original agreement
1. Schedule of Amendments: Detailed list of specific changes to the original agreement, with reference to exact clauses and new language
2. Modified Property Details: If the amendment relates to changes in property details, include full updated property description
3. Revised Payment Schedule: If payment terms are being modified, include complete revised payment schedule
4. Consent Documents: Copies of any required third-party consents or approvals
5. Original Agreement: Copy of the original Purchase and Sale Agreement for reference
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