The Sales Inspection Report And Exclusive Agency Agreement is a crucial document used in Hong Kong real estate transactions when a property owner wishes to engage an estate agency exclusively for the sale of their property while also documenting the property's condition. This document is required under Hong Kong's Estate Agents Ordinance and related regulations, particularly when establishing an exclusive agency relationship. It serves dual purposes: first, as a detailed record of the property's condition, features, and any defects at the time of listing; and second, as a legally binding agreement that grants exclusive rights to an agency to market and sell the property for a specified period. The document is essential for protecting both the property owner's and agency's interests, ensuring transparent communication of property conditions to potential buyers, and establishing clear terms for the exclusive agency relationship.

1. Parties: Identification of the property owner/vendor and the licensed estate agency, including license numbers and contact details

2. Background: Context of the agreement, including the property owner's intention to sell and appointment of the agency

3. Definitions: Key terms used throughout the document, including 'Property', 'Exclusive Period', 'Asking Price', and 'Commission Rate'

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

5. Inspection Findings: Detailed report of the property's current condition, features, and specifications

6. Appointment and Authority: Terms of the exclusive agency appointment and scope of authority granted

7. Duration: Period of the exclusive agency agreement and any extension provisions

8. Agency Obligations: Estate agent's duties, responsibilities, and service commitments

9. Owner's Obligations: Property owner's responsibilities and commitments during the exclusive period

10. Commission Structure: Details of the commission rate, payment terms, and conditions for commission becoming payable

11. Marketing Authorization: Permission for marketing activities and advertising of the property

12. Termination: Conditions and procedures for early termination of the agreement

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

14. Signatures: Execution section for all parties, including dates and witness provisions