Residential Purchase Contract for Hong Kong

Residential Purchase Contract Template for Hong Kong

A comprehensive legal agreement governed by Hong Kong law that facilitates the sale and purchase of residential property. This document outlines the terms and conditions of the property transfer, including purchase price, payment terms, completion requirements, and parties' obligations. It incorporates specific Hong Kong legal requirements such as stamp duty provisions and compliance with the Conveyancing and Property Ordinance. The contract serves as the definitive agreement between the vendor and purchaser, ensuring legal protection for both parties and clear documentation of the transaction terms.

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What is a Residential Purchase Contract?

The Residential Purchase Contract is a fundamental legal document used in Hong Kong real estate transactions for the sale and purchase of residential properties. It serves as the primary agreement between a vendor and purchaser, incorporating all essential terms required under Hong Kong law. This contract type must comply with various Hong Kong ordinances, including the Conveyancing and Property Ordinance (Cap. 219) and the Stamp Duty Ordinance (Cap. 117). It typically follows the execution of a provisional agreement and contains detailed provisions about the property, purchase price, payment terms, completion arrangements, title requirements, and parties' obligations. The document is crucial for protecting both parties' interests and ensuring a legally compliant property transfer in Hong Kong's sophisticated real estate market.

What sections should be included in a Residential Purchase Contract?

1. Parties: Identification of the Vendor and Purchaser with full legal names and details

2. Background: Context of the transaction and brief property description

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

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

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

6. Payment Terms: Detailed breakdown of payment schedule and method

7. Completion: Completion date, procedures, and requirements

8. Title and Transfer: Vendor's warranty of good title and transfer obligations

9. Vendor's Representations and Warranties: Standard warranties about property condition, ownership, and encumbrances

10. Purchaser's Obligations: Purchaser's commitments including payment and completion obligations

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

12. Stamp Duty: Responsibilities for various stamp duties applicable to the transaction

13. Costs: Allocation of legal and other transaction costs

14. Notices: Process for serving notices between parties

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

What sections are optional to include in a Residential Purchase Contract?

1. Existing Tenancies: Required when the property is sold subject to existing tenancies

2. Mortgage Details: Required when the property is being sold subject to an existing mortgage

3. Property Management: Required for properties in managed buildings or estates

4. Car Parking Space: Required when a parking space is included in the sale

5. Furniture and Fittings: Required when specific furniture or fittings are included in the sale

6. Special Conditions: Required when there are unique circumstances or requirements specific to the transaction

7. Provisional Agreement Integration: Required when incorporating terms from a provisional sale and purchase agreement

What schedules should be included in a Residential Purchase Contract?

1. Property Schedule: Detailed property description including boundary plans and floor plans

2. Inventory Schedule: List of furniture, fittings, and other items included in the sale

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

4. Title Documents: List of relevant title documents and encumbrances

5. Management Details: Details of building management and maintenance fees

6. Existing Tenancy Schedule: Details of any existing tenancy agreements affecting the property

7. Deed of Mutual Covenant: Extract or summary of relevant provisions from the deed of mutual covenant

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 Industries

Real Estate

Legal Services

Banking and Finance

Property Development

Property Management

Insurance

Residential Construction

Relevant Teams

Legal

Real Estate

Conveyancing

Property Sales

Compliance

Risk Management

Document Processing

Property Management

Mortgage Services

Relevant Roles

Real Estate Lawyer

Property Conveyancer

Real Estate Agent

Property Manager

Mortgage Specialist

Legal Associate

Real Estate Partner

Property Transaction Manager

Compliance Officer

Real Estate Director

Property Sales Manager

Banking Relationship Manager

Legal Document 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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