The Pre Sale Agreement is a crucial document in Hong Kong's property development sector, used when selling properties that are still under construction or not yet completed. This agreement type is heavily regulated under Hong Kong law, particularly by the Residential Properties (First-hand Sales) Ordinance, which aims to enhance the transparency and fairness of first-hand property sales. The document is typically used by developers selling residential properties off-plan and includes comprehensive details about the property specifications, payment structure, completion timeline, and various protections for both parties. It must incorporate specific provisions required by Hong Kong legislation, including mandatory information about the development, payment safeguards, and completion guarantees. The Pre Sale Agreement serves as the primary contract governing the relationship between the developer and purchaser until the property's completion and final sale.
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1. Parties: Identification of the vendor and purchaser with full legal names and addresses
2. Background: Context of the transaction, including property development status and relevant permits
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the property including lot number, floor area, and specifications
5. Purchase Price: Total purchase price, payment schedule, and deposit requirements
6. Payment Terms: Detailed payment structure including installments and completion payment
7. Completion: Conditions and timing for completion of the sale
8. Construction and Specifications: Details of construction standards, materials, and finishing
9. Warranties and Representations: Warranties provided by the vendor regarding the property and development
10. Default and Remedies: Consequences of default by either party and available remedies
11. Assignment and Transfer: Restrictions on assignment of rights under the agreement
12. Notices: Process for giving notices under the agreement
13. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction
14. General Provisions: Standard boilerplate clauses including severability and entire agreement
1. Mortgage Arrangements: Include when purchaser requires mortgage financing, detailing requirements and conditions
2. Car Parking Space: Include when the sale includes parking space allocation
3. Clubhouse and Facilities: Include when the development includes shared facilities and usage rights
4. Defects Liability: Include when specific defect warranty periods are offered beyond statutory requirements
5. Property Management: Include when there are specific management arrangements or fees to be agreed
6. Stamp Duty: Include when there are specific arrangements regarding payment of stamp duty
7. Sales Incentives: Include when developer is offering specific incentives or rebates
1. Schedule 1 - Property Specifications: Detailed specifications of the property including floor plans and materials
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule 3 - Fixtures, Fittings and Appliances: List of included fixtures, fittings and appliances
4. Schedule 4 - Development Facilities: Details of common facilities and amenities in the development
5. Schedule 5 - Deed of Mutual Covenant: Key terms of the deed of mutual covenant and management agreement
6. Appendix A - Floor Plans: Detailed floor plans and measurements
7. Appendix B - Location Plans: Site plans and location maps
8. Appendix C - Government Grant: Relevant excerpts from the government grant
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