As Is Where Is Basis Deed Of Sale Template for Hong Kong

The As Is Where Is Basis Deed of Sale is primarily used in Hong Kong property transactions where the seller wishes to transfer property without providing warranties about its condition, and where the buyer agrees to accept the property in its current state. This document is particularly useful in situations involving distressed sales, foreclosures, estate sales, or when dealing with older properties. It's commonly used in both commercial and residential transactions where time is of the essence or where the seller cannot or does not wish to make repairs or improvements before sale. The deed must comply with Hong Kong's Conveyancing and Property Ordinance and related regulations, including specific requirements for property transfer documentation and registration. It typically includes detailed provisions about the property's condition, explicit acknowledgments from the buyer about accepting the property 'as is', and standard conveyancing elements required under Hong Kong law.

1. Parties: Identifies and defines the Vendor and Purchaser with their full legal names, addresses, and other relevant identification details

2. Background: Sets out the context of the sale, including brief property description and the parties' intention to enter into an 'as is where is' sale

3. Definitions: Defines key terms used throughout the deed, including 'Property', 'Completion Date', 'Purchase Price', and other relevant terms

4. Sale and Purchase: Core provision stating the vendor's agreement to sell and the purchaser's agreement to buy the property on an 'as is where is' basis

5. Purchase Price: States the agreed purchase price and payment terms, including deposit arrangements

6. Property Condition: Detailed provisions regarding the 'as is where is' nature of the sale and explicit acknowledgments by the purchaser

7. Completion: Details of the completion process, timing, and requirements for both parties

8. Title and Transfer: Provisions regarding proof of title and the mechanics of transferring ownership

9. Representations and Warranties: Limited representations and warranties, explicitly stating what is not warranted due to 'as is' nature

10. Risk and Insurance: Provisions about when risk passes to the purchaser and insurance requirements

11. Costs and Stamp Duty: Allocation of transaction costs and stamp duty obligations

12. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and Hong Kong courts' jurisdiction

13. Execution: Formal execution blocks meeting Hong Kong deed requirements