Agency Agreement For The Sale Of Residential Property Template for Hong Kong

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Key Requirements PROMPT example:

Agency Agreement For The Sale Of Residential Property

I need an Agency Agreement for the Sale of Residential Property for my Hong Kong apartment in Happy Valley, with an exclusive 3-month agency period starting March 1, 2025, including a tiered commission structure that offers 1% for standard sale and 1.5% if the sale price exceeds market valuation by 10%.

Document background
The Agency Agreement For The Sale Of Residential Property is a crucial document used in Hong Kong's real estate market when a property owner wishes to engage a licensed estate agent to sell their residential property. This agreement must comply with Hong Kong's Estate Agents Ordinance (Cap. 511) and its subsidiary legislation, which requires specific disclosures, prescribed forms, and mandatory terms. The document serves to protect both the property owner's and agent's interests by clearly defining the scope of services, commission structure, and respective obligations. It is particularly important in Hong Kong's dynamic property market, where regulatory compliance and clear documentation of agency relationships are essential for legal protection and successful property transactions.
Suggested Sections

1. Parties: Identification of the Principal (property owner) and the Agent (licensed estate agency), including license numbers and contact details

2. Background: Context of the appointment and brief description of the property to be sold

3. Definitions: Key terms used in the agreement including Property, Agency Period, Commission, and other relevant terms

4. Appointment and Agency Period: Formal appointment of the agent and duration of the agency relationship, including whether exclusive or non-exclusive

5. Property Details: Comprehensive description of the property and its current condition

6. Asking Price: The agreed listing price and any acceptable price range for negotiations

7. Agent's Services and Duties: Detailed listing of services to be provided and statutory duties under Hong Kong law

8. Commission Structure: Commission rate, payment terms, and conditions for commission becoming payable

9. Principal's Obligations: Property owner's responsibilities including providing accurate information and access to the property

10. Termination: Circumstances and procedures for ending the agreement

11. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction

Optional Sections

1. Dual Agency Provisions: Required when the agent may represent both seller and buyer, including disclosure requirements and handling of conflicts

2. Special Property Conditions: Used when the property has unique features, restrictions, or requires special handling

3. Marketing Budget and Plan: Include when specific marketing arrangements are agreed upon, detailing costs and responsibilities

4. Property Management Arrangements: Required when the property is subject to specific management or maintenance agreements

5. Overseas Owner Provisions: Include when the property owner is not based in Hong Kong, covering additional requirements and arrangements

6. Tenancy Matters: Required when the property is currently tenanted, addressing handling of existing tenancy

7. Agent's Sub-delegation Rights: Include when the agent may need to delegate duties to other licensed agents

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property specifications, including floor area, fixtures, and fittings

2. Schedule 2 - Commission Structure: Detailed breakdown of commission calculations and payment terms

3. Schedule 3 - Marketing Plan: Specific marketing activities and timeline

4. Schedule 4 - Property Documentation: List of required property documents and their status

5. Appendix A - Property Photos: Current photographs of the property

6. Appendix B - Floor Plan: Detailed floor plan of the property

7. Appendix C - Prescribed Property Information Form: Standard form required under Hong Kong Estate Agents Practice Regulation

8. Appendix D - Agent's License and Company Information: Copies of relevant licenses and company documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant Industries

Real Estate

Residential Property

Professional Services

Property Management

Legal Services

Property Development

Relevant Teams

Legal

Compliance

Real Estate Sales

Property Management

Business Development

Contract Administration

Documentation

Risk Management

Operations

Relevant Roles

Real Estate Agent

Property Manager

Legal Counsel

Compliance Officer

Real Estate Director

Sales Manager

Property Consultant

Contract Administrator

Business Development Manager

Property Sales Executive

Licensing Manager

Real Estate Transaction Coordinator

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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