Legal Real Estate Contract for Hong Kong

Legal Real Estate Contract Template for Hong Kong

A comprehensive legal document governed by Hong Kong law that facilitates the sale and purchase of real estate property in Hong Kong. This contract outlines all essential elements of the property transaction, including detailed property specifications, purchase price, payment terms, completion arrangements, and parties' obligations. It incorporates specific requirements under Hong Kong property law, including provisions for stamp duty, land registration, and compliance with local real estate regulations. The document serves as the primary agreement between parties and forms the basis for the subsequent Assignment of the property.

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What is a Legal Real Estate Contract?

This Legal Real Estate Contract is a fundamental document used in Hong Kong property transactions to formalize the sale and purchase of real estate. It serves as the primary agreement between the vendor and purchaser, incorporating all essential terms and conditions required under Hong Kong law. The contract is typically used after preliminary negotiations are complete and before the final Assignment, capturing all agreed terms including property details, price, payment schedule, completion arrangements, and parties' obligations. It must comply with Hong Kong's property legislation, including the Conveyancing and Property Ordinance, Land Registration Ordinance, and Stamp Duty Ordinance. The document is crucial for both residential and commercial property transactions in Hong Kong and forms the basis for the property's legal transfer.

What sections should be included in a Legal Real Estate Contract?

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 property being sold

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

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

5. Purchase Price: Statement of the purchase price and payment terms including deposit arrangements

6. Completion: Completion date, time, and place, and procedures for completion

7. Title and Documents: Vendor's obligations regarding good title and delivery of title documents

8. Representations and Warranties: Standard warranties about property ownership, encumbrances, and compliance with laws

9. Vacant Possession: Obligation to deliver vacant possession and condition of property

10. Stamp Duty: Responsibilities for payment of stamp duty and other transaction costs

11. Default Provisions: Consequences of default by either party and remedies

12. Notices: Method and addresses for serving notices between parties

13. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction

What sections are optional to include in a Legal Real Estate Contract?

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 is being sold subject to an existing mortgage or requiring mortgage discharge

3. Car Parking Space: Required when the sale includes a parking space, detailing its specifications and rights

4. Renovation Works: Required when there are ongoing or recently completed renovation works that need warranties or certifications

5. Property Management: Required for properties in managed buildings, detailing management fees and obligations

6. Government Lease Conditions: Required when there are specific government lease conditions affecting the property use

7. Building Orders: Required when there are outstanding building orders or unauthorized structures

8. Assignment Conditions: Required when there are special conditions for the preparation and execution of the Assignment

What schedules should be included in a Legal Real Estate Contract?

1. Schedule 1 - Property Details: Detailed property information including exact measurements, boundaries, and facilities

2. Schedule 2 - Purchase Price Payment Schedule: Breakdown of payment installments and timing

3. Schedule 3 - Title Documents: List of title documents to be delivered upon completion

4. Schedule 4 - Fixtures and Fittings: Inventory of fixtures and fittings included/excluded in the sale

5. Schedule 5 - Existing Tenancy Details: Details of any existing tenancies affecting the property

6. Appendix A - Property Floor Plan: Floor plan showing layout and dimensions of the property

7. Appendix B - Recent Photographs: Recent photographs of the property's current condition

8. Appendix C - Building Management Rules: Relevant building management rules and regulations

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

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Legal Services

Banking and Financial Services

Property Development

Property Management

Construction

Professional Services

Retail (for commercial properties)

Hospitality (for commercial properties)

Investment and Asset Management

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Facilities Management

Contract Administration

Corporate Services

Risk Management

Investment

Operations

Relevant Roles

Real Estate Lawyer

Property Manager

Real Estate Agent

Legal Counsel

Compliance Officer

Contract Manager

Property Developer

Investment Manager

Asset Manager

Facilities Manager

Real Estate Portfolio Manager

Property Valuer

Transaction Manager

Legal Administrator

Corporate Lawyer

Industries
Conveyancing and Property Ordinance (Cap. 219): Primary legislation governing property transactions in Hong Kong, including requirements for property contracts, legal interests in land, and execution of deeds
Land Registration Ordinance (Cap. 128): Regulates the registration of real estate transactions and provides the framework for the land registry system in Hong Kong
Stamp Duty Ordinance (Cap. 117): Governs the payment of stamp duty on property transactions, including rates and timing requirements
Estate Agents Ordinance (Cap. 511): Regulates real estate agency practices and sets requirements for property transactions involving estate agents
Residential Properties (First-hand Sales) Ordinance (Cap. 621): Regulates the sales of first-hand residential properties and provides consumer protection measures
Building Management Ordinance (Cap. 344): Relevant for properties in multi-unit buildings, governing management and maintenance responsibilities
Government Leases Ordinance (Cap. 40): Governs the terms and conditions of government leases, which affect most properties in Hong Kong
Landlord and Tenant (Consolidation) Ordinance (Cap. 7): Important for rental properties and understanding existing tenancy rights that might affect the sale
Law of Property Amendment Ordinance (Cap. 219): Contains specific provisions modifying general property law principles in Hong Kong
Buildings Ordinance (Cap. 123): Governs building standards and may affect property transactions involving unauthorized building works or requiring compliance certificates
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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