The Simple Real Estate Sales Contract is a fundamental legal document used in Hong Kong for property transactions between a vendor and purchaser. It is particularly suitable for straightforward property sales where the basic terms of sale need to be documented in compliance with Hong Kong law. The contract includes essential elements required by the Conveyancing and Property Ordinance (Cap. 219) and other relevant Hong Kong legislation, while maintaining a simplified structure compared to more complex property transactions. This document is commonly used for residential and simple commercial property sales, incorporating key provisions for property details, purchase price, payment terms, completion arrangements, and standard warranties. It serves as the primary agreement governing the rights and obligations of both parties throughout the property transfer process.
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1. Parties: Identification and details of the Vendor and Purchaser, including their full legal names, addresses, and identification numbers
2. Background: Brief context of the transaction and confirmation of the Vendor's ownership and right to sell the property
3. Definitions: Key terms used throughout the agreement, including 'Property', 'Completion Date', 'Purchase Price', and other relevant terms
4. Sale and Purchase: Core agreement for the sale and purchase of the property, including the exact property details and consideration
5. Purchase Price and Payment Terms: Detailed breakdown of the purchase price, deposit requirements, and payment schedule
6. Property Details: Comprehensive description of the property, including address, lot number, and registered details
7. Completion: Completion date, time, and location, along with the procedures for completion
8. Title and Documentation: Vendor's obligations regarding proof of title and delivery of necessary documentation
9. Representations and Warranties: Standard warranties about property ownership, encumbrances, and condition
10. Vacant Possession: Obligation to deliver vacant possession upon completion
11. Costs and Stamp Duty: Allocation of legal costs, stamp duty, and other expenses
12. Governing Law and Jurisdiction: Confirmation of Hong Kong law as governing law and jurisdiction
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 currently mortgaged, detailing arrangements for discharge
3. Property Management: Required for properties in managed buildings, detailing management fees and obligations
4. Car Parking Space: Required when a parking space is included in the sale
5. Fixtures and Fittings: Required when specific items are included or excluded from the sale
6. Pre-existing Violations: Required when there are known building code violations or unauthorized structures
7. Agent Commission: Required when property agents are involved in the transaction
1. Schedule 1: Property Details: Detailed property information including lot number, floor area, and boundaries
2. Schedule 2: Inventory of Fixtures and Fittings: List of items included in or excluded from the sale
3. Schedule 3: Payment Schedule: Detailed breakdown of payment installments and timing
4. Schedule 4: Form of Assignment: Draft form of the assignment to be executed upon completion
5. Appendix A: Property Floor Plan: Official floor plan showing the layout and dimensions of the property
6. Appendix B: Land Search Documents: Recent land search results showing title details and encumbrances
7. Appendix C: Existing Tenancy Agreement: Copies of any existing tenancy agreements (if applicable)
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