The Lease and Sale Agreement is a specialized legal instrument used in Hong Kong's dynamic property market when parties wish to combine property sale and leasing arrangements in a single transaction. This document is particularly useful in commercial sale-leaseback arrangements, property investment scenarios, or when businesses are restructuring their real estate holdings. It encompasses all necessary elements required under Hong Kong law, including property transfer provisions, lease terms, payment schedules, and relevant warranties. The agreement must comply with various Hong Kong ordinances, including stamp duty requirements and registration procedures. It serves as a comprehensive record of both the property transfer and the ongoing landlord-tenant relationship, making it essential for property investors, businesses, and individuals engaging in such complex real estate transactions.
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1. Parties: Identification of the seller/landlord and buyer/tenant, including full legal names, addresses, and registration numbers for companies
2. Background: Context of the transaction, including property history and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale Provisions: Terms and conditions of the property sale, including purchase price and payment terms
5. Property Details: Detailed description of the property, including address, lot number, and registered particulars
6. Lease Terms: Essential lease provisions including duration, rent amount, and payment schedule
7. Conditions Precedent: Conditions that must be satisfied before completion of the sale
8. Completion: Details of the completion process, timing, and requirements
9. Representations and Warranties: Statements of fact and promises by both parties regarding the property and transaction
10. Maintenance and Repairs: Responsibilities for property maintenance and repairs during the lease period
11. Insurance: Insurance requirements for both parties
12. Default and Remedies: Consequences of breach and available remedies
13. Termination: Circumstances and procedures for terminating the agreement
14. Notices: Methods and addresses for formal communications between parties
15. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction
16. Execution: Signature blocks and execution requirements
1. Security Deposit: Terms for security deposit if required - used when additional security is needed
2. Option to Purchase: Terms for tenant's option to purchase - used in rent-to-own arrangements
3. Management Fees: Details of management fees for properties in managed buildings
4. Alterations and Improvements: Terms for making changes to the property - used when renovations are anticipated
5. Assignment and Subletting: Terms for transferring rights - used when flexibility might be needed
6. Break Clause: Early termination provisions - used for longer lease terms
7. Environmental Matters: Environmental warranties and obligations - used for industrial properties
8. Planning and Zoning: Confirmation of proper land use - used for commercial properties
9. Mortgage Provisions: Terms relating to existing or new mortgages - used when property is mortgaged
1. Schedule 1 - Property Description: Detailed legal description of the property, including boundaries and floor plans
2. Schedule 2 - Inventory: List of fixtures, fittings, and furniture included in the sale and lease
3. Schedule 3 - Payment Schedule: Detailed breakdown of purchase price installments and rent payments
4. Schedule 4 - Condition Report: Detailed report on the condition of the property at the time of sale
5. Schedule 5 - Building Rules: Rules and regulations for properties in managed buildings
6. Appendix A - Property Title Documents: Copies of relevant title documents and land search
7. Appendix B - Certificates: Relevant certificates including occupation permit and structural safety certificates
8. Appendix C - Plans: Floor plans, location maps, and any approved renovation plans
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