The Car Parking Sale Agreement is a crucial legal document used in Hong Kong for transferring ownership of car parking spaces between parties. This document is essential when conducting property transactions involving standalone car parking spaces or those associated with residential or commercial properties. The agreement must comply with Hong Kong's property laws, including the Conveyancing and Property Ordinance and Land Registration requirements. It becomes particularly important given Hong Kong's regulations on car parking space transactions, especially following the 2018 regulatory changes aimed at preventing speculative activities. The document typically includes comprehensive details about the property, payment terms, completion requirements, and various warranties and representations to protect both parties' interests. It's commonly used by property developers, individual owners, and corporate entities in Hong Kong's dynamic real estate market.
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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 car parking space being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the car parking space
5. Purchase Price: Agreed purchase price and payment terms including deposit and completion payment
6. Completion: Details of completion date, time, location, and requirements
7. Title and Documentation: Vendor's obligations regarding proof of title and required documentation
8. Representations and Warranties: Standard warranties by both parties, especially vendor's warranties about title and condition
9. Rights and Obligations: Specific rights and obligations related to the car parking space usage and transfer
10. Costs and Taxes: Responsibility for legal costs, stamp duty, and other transaction expenses
11. Notices: Process and requirements for serving notices under the agreement
12. Governing Law and Jurisdiction: Confirmation of Hong Kong law application and jurisdiction
1. Mortgage Status: Required if the parking space is currently mortgaged, detailing arrangements for discharge
2. Management Fees: Include when there are outstanding or prepaid management fees to be apportioned
3. Property Agent Commission: Required if property agents are involved in the transaction
4. Conditions Precedent: Include if completion is subject to specific conditions being met
5. Assignment Restrictions: Include if there are specific restrictions on future transfer or assignment
6. Joint Ownership: Required if the purchaser consists of multiple parties
7. Force Majeure: Optional clause for dealing with unforeseen circumstances preventing completion
1. Schedule 1 - Property Details: Detailed description of the car parking space including location, number, and dimensions
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms including deposit, further deposits, and balance payment
3. Schedule 3 - Title Documents: List of relevant title documents and encumbrances
4. Schedule 4 - Completion Requirements: Checklist of documents and requirements for completion
5. Appendix A - Property Plans: Plans showing the location and dimensions of the car parking space
6. Appendix B - Photographs: Recent photographs of the car parking space (if applicable)
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