Estate Agent Memorandum Of Sale for Hong Kong

Estate Agent Memorandum Of Sale Template for Hong Kong

A legally binding document used in Hong Kong real estate transactions that formally records the essential terms and conditions of a property sale agreement between the vendor and purchaser, as facilitated by licensed estate agent(s). This document complies with the requirements of the Hong Kong Estate Agents Authority and serves as an official record of the transaction details, including property specifications, purchase price, payment terms, and completion arrangements. It forms a crucial part of the property transaction process in Hong Kong and must adhere to local regulations, including the Estate Agents Ordinance and related legislation.

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What is a Estate Agent Memorandum Of Sale?

The Estate Agent Memorandum Of Sale is a fundamental document in Hong Kong's property transaction process, serving as the primary record of agreement between parties in a real estate sale. It is used when a buyer and seller have reached agreement on property purchase terms, but before the formal Sale and Purchase Agreement is executed by solicitors. The document must comply with Hong Kong's Estate Agents Ordinance and the Estate Agents Authority's requirements, containing detailed information about the property, parties involved, purchase price, payment terms, and completion arrangements. This memorandum is particularly important in Hong Kong's fast-moving property market as it provides a clear record of the agreed terms and helps prevent misunderstandings or disputes. It serves as a crucial reference document for solicitors when preparing the formal Sale and Purchase Agreement.

What sections should be included in a Estate Agent Memorandum Of Sale?

1. Parties: Details of the vendor, purchaser, and estate agent(s) including full names, HKID/passport numbers, and contact information

2. Background: Brief context of the sale transaction and confirmation of estate agent's appointment

3. Definitions: Key terms used in the document including 'Property', 'Completion Date', 'Purchase Price'

4. Property Details: Full property description including address, floor area, lot number, and government lease details

5. Purchase Price: Agreed purchase price in both numbers and words, payment schedule, and deposit details

6. Payment Terms: Breakdown of payment structure, deposit arrangements, and completion payment details

7. Completion: Completion date, time, and venue details, plus procedures for completion

8. Property Possession: Terms regarding vacant possession and condition of property upon handover

9. Estate Agency Disclosure: Declaration of estate agency fees, commission arrangements, and dual agency disclosure if applicable

10. Stamp Duty: Responsibilities for various stamp duties including Ad Valorem Stamp Duty, Special Stamp Duty, and Buyer's Stamp Duty

11. Representations: Basic representations regarding property ownership and authority to sell

12. Signing: Execution blocks for all parties including witnesses

What sections are optional to include in a Estate Agent Memorandum Of Sale?

1. Chattels and Fixtures: Used when specific furniture or fittings are included in the sale, listing all items agreed to be included or excluded

2. Tenancy Details: Required when property is sold with existing tenancy, including tenant details and lease terms

3. Special Conditions: For any non-standard terms agreed between parties, such as specific renovation requirements or contingencies

4. Mortgage Details: Include when purchase is subject to mortgage approval, specifying conditions and timeline

5. Car Parking Space: Required when car parking space is included in the sale, with details of location and terms

6. Building Management: Include when there are specific management fee arrangements or outstanding management charges to be settled

What schedules should be included in a Estate Agent Memorandum Of Sale?

1. Schedule 1 - Property Details: Detailed property information including floor plans, measurements, and facilities

2. Schedule 2 - Inventory List: Detailed list of fixtures, fittings, and furniture included in the sale

3. Schedule 3 - Payment Schedule: Detailed breakdown of payment installments and timing

4. Appendix A - Property Ownership Documents: Copies of title documents and relevant ownership certificates

5. Appendix B - Property Condition Report: Current condition of the property and any defects noted

6. Appendix C - Estate Agent's Property Information Form: Standard form required by Estate Agents Authority containing verified property information

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

Jurisdiction

Hong Kong

Publisher

Genie AI

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions
Relevant Industries

Real Estate

Property Development

Real Estate Investment

Property Management

Legal Services

Financial Services

Banking

Insurance

Professional Services

Relevant Teams

Real Estate Sales

Property Management

Legal

Compliance

Documentation

Investment

Valuations

Operations

Client Services

Transaction Processing

Relevant Roles

Estate Agent

Property Consultant

Real Estate Broker

Sales Director

Property Manager

Legal Counsel

Conveyancing Lawyer

Compliance Officer

Property Portfolio Manager

Real Estate Investment Manager

Sales Manager

Branch Manager

Transaction Coordinator

Property Valuer

Documentation Specialist

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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