Agreement Between Buyer And Seller Of Property Template for Hong Kong

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Key Requirements PROMPT example:

Agreement Between Buyer And Seller Of Property

I need an Agreement Between Buyer And Seller Of Property under Hong Kong law for the sale of a luxury residential apartment in Happy Valley, including provisions for existing tenancy agreements that will expire in March 2025 and the inclusion of specific high-end furniture items.

Document background
The Agreement Between Buyer And Seller Of Property is a crucial legal document used in Hong Kong real estate transactions to formalize the transfer of property ownership. This agreement is essential for any property sale in Hong Kong, whether residential, commercial, or industrial. It must comply with specific requirements under Hong Kong law, particularly the Conveyancing and Property Ordinance (Cap. 219) and related legislation. The document typically follows a standard format recognized by the Hong Kong Land Registry and legal practitioners, incorporating mandatory provisions for property transactions while allowing customization for specific deal terms. It serves multiple purposes: documenting the agreed terms of sale, protecting both parties' interests, satisfying regulatory requirements, and facilitating property registration. The agreement is typically prepared after preliminary terms are agreed upon in a provisional agreement and is required before the formal transfer of property can take place.
Suggested Sections

1. Parties: Identification and details of the Vendor and Purchaser, including full legal names, identification numbers, and addresses

2. Background: Brief context of the transaction and confirmation of Vendor's ownership and right to sell

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Full legal description of the property, including lot number, address, and registered particulars

5. Purchase Price: Agreed purchase price and payment structure, including initial deposit and balance payment terms

6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default

7. Conditions Precedent: Any conditions that must be satisfied before completion can occur

8. Title and Documents: Vendor's obligations regarding proof of title and delivery of necessary documents

9. Completion: Completion date, venue, and procedural requirements for completion

10. Vendor's Representations and Warranties: Standard warranties about property ownership, condition, and absence of encumbrances

11. Purchaser's Representations and Warranties: Confirmations regarding purchase capacity and funding

12. Default and Termination: Consequences of default by either party and termination provisions

13. Stamp Duty: Responsibilities for payment of various stamp duties applicable to the transaction

14. Notices: Process for serving notices between parties

15. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and amendments

Optional Sections

1. Existing Tenancies: Required when the property is sold subject to existing tenancies, detailing tenant rights and obligations

2. Mortgage Status: Required when the property has an existing mortgage that needs to be discharged

3. Property Management: Required for properties in managed buildings, dealing with management fees and obligations

4. Car Parking Space: Required when a parking space is included in the sale

5. Furniture and Fittings: Required when the sale includes specific furniture or fittings

6. Agent Commission: Required when property agents are involved in the transaction

7. Vacant Possession: Required when specific arrangements for vacant possession need to be detailed

8. Defects Liability: Required for new properties with defects liability periods

Suggested Schedules

1. Schedule 1 - Property Description: Detailed property description including floor plans and boundaries

2. Schedule 2 - Purchase Price Breakdown: Itemized breakdown of the purchase price including deposits and payment milestones

3. Schedule 3 - Completion Requirements: Checklist of documents and requirements for completion

4. Schedule 4 - Title Documents: List of title documents to be delivered on completion

5. Schedule 5 - Included Fixtures and Fittings: Inventory of fixtures and fittings included in the sale

6. Appendix A - Property Plans: Floor plans and location plans of the property

7. Appendix B - Prescribed Forms: Standard forms required under Hong Kong law for property transactions

8. Appendix C - Due Diligence Documents: Copies of relevant certificates, permits, and compliance documents

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 legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Banking and Finance

Legal Services

Property Management

Construction

Insurance

Investment

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Compliance

Risk Management

Property Management

Investment

Operations

Finance

Sales

Business Development

Relevant Roles

Real Estate Lawyer

Property Agent

Conveyancing Manager

Legal Counsel

Property Manager

Real Estate Director

Compliance Officer

Risk Manager

Property Developer

Investment Manager

Real Estate Investment Analyst

Bank Manager

Mortgage Specialist

Property Valuer

Title Officer

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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