The Real Estate Purchase Agreement is the primary document used in Hong Kong property transactions to legally transfer ownership of real estate from a vendor to a purchaser. This document is essential for any property sale in Hong Kong and must comply with local property laws, including the Conveyancing and Property Ordinance (Cap. 219) and the Land Registration Ordinance (Cap. 128). It is typically prepared after the parties have signed a Provisional Agreement for Sale and Purchase and contains detailed terms covering property details, purchase price, completion arrangements, title requirements, and various warranties. The agreement also addresses Hong Kong-specific requirements such as stamp duty obligations and Land Registry registration procedures. It serves as the definitive record of the transaction terms and protects both parties' interests throughout the property transfer process.
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1. Parties: Identifies and provides full details of the Vendor and Purchaser
2. Background: Sets out the context of the transaction and confirms the Vendor's ownership of the Property
3. Definitions: Defines key terms used throughout the agreement
4. Property Details: Detailed description of the property being sold, including lot number, address, and registered details
5. Purchase Price: States the agreed purchase price and payment terms, including deposit arrangements
6. Completion: Specifies the completion date and completion obligations of both parties
7. Title and Title Documents: Vendor's warranties regarding good title and provisions regarding delivery of title documents
8. Vendor's Representations and Warranties: Standard warranties about the property's condition, encumbrances, and compliance with laws
9. Purchaser's Representations and Warranties: Confirmations regarding purchaser's ability to complete the purchase
10. Conditions Precedent: Any conditions that must be satisfied before completion
11. Risk and Insurance: Provisions regarding responsibility for the property before completion
12. Default: Consequences of default by either party
13. Stamp Duty: Obligations regarding payment of stamp duty
14. Notices: How formal notices under the agreement should be given
15. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and severability
1. Existing Tenancies: Required when the property is sold subject to existing tenancies
2. Mortgage Status: Required when the property is subject to an existing mortgage that needs to be discharged
3. Property Management: Required for properties in multi-story buildings with management fees and obligations
4. Car Parking Space: Required when the sale includes a parking space
5. Furniture and Fittings: Required when the sale includes specified furniture or fittings
6. Government Rent and Rates: Required for properties subject to government rent or rates apportionment
7. Agent Commission: Required when property agents are involved in the transaction
8. Vacant Possession: Required when specific arrangements for vacant possession need to be detailed
1. Schedule 1 - Property Details: Detailed property description including lot number, address, and floor area
2. Schedule 2 - Purchase Price Payment Schedule: Breakdown of payment installments and timing
3. Schedule 3 - Title Documents: List of all title documents to be delivered on completion
4. Schedule 4 - Fixtures and Fittings: Inventory of items included/excluded from the sale
5. Schedule 5 - Existing Tenancies: Details of any existing tenancy agreements
6. Appendix A - Property Floor Plan: Official floor plan of the property
7. Appendix B - Land Search Documents: Recent land search results showing title details
8. Appendix C - Completion Checklist: List of documents and items required for completion
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