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Standard Agreement For The Sale Of (Real Estate)

Standard Agreement For The Sale Of (Real Estate) Template for Hong Kong

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Key Requirements PROMPT example:

Standard Agreement For The Sale Of (Real Estate)

I need a Standard Agreement For The Sale Of (Real Estate) for a luxury residential property in Hong Kong's Peak district, with completion scheduled for March 2025, including provisions for existing high-value furniture and a separate foreign currency payment arrangement.

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Document background
The Standard Agreement For The Sale Of (Real Estate) is a fundamental legal document used in Hong Kong's property market for conducting real estate transactions. This agreement is essential when transferring ownership of real property, whether residential, commercial, or industrial, from a vendor to a purchaser. It is structured to comply with Hong Kong's legal requirements, particularly the Conveyancing and Property Ordinance (Cap. 219) and related legislation. The document includes crucial elements such as property details, transaction terms, payment schedules, and completion requirements. It serves as a comprehensive framework that protects the interests of both parties while ensuring the transaction meets all legal and regulatory requirements in Hong Kong's property market. The agreement is typically prepared by legal professionals and can be adapted to accommodate various property types and special conditions while maintaining its standard core elements.
Suggested Sections

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

2. Background: Context of the sale and brief description of the property being transferred

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

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

5. Purchase Price: Agreed purchase price and payment structure including deposits and completion payment

6. Payment Terms: Detailed payment schedule, method of payment, and consequences of late payment

7. Completion: Completion date, procedures, and requirements for completing the sale

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

9. Property Condition: State and condition of the property and any warranties given

10. Vendor's Obligations: Obligations of the vendor before and at completion

11. Purchaser's Obligations: Obligations of the purchaser before and at completion

12. Default Provisions: Consequences of default by either party and available remedies

13. Stamp Duty: Responsibilities for payment of various stamp duties

14. Notices: Process for serving notices between parties

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

Optional Sections

1. Existing Tenancies: Details of any existing tenancies affecting the property - include when property is sold subject to tenancies

2. Mortgage Status: Provisions regarding existing mortgages - include when property is mortgaged

3. Car Parking Space: Details of included parking space - include when parking is part of sale

4. Furniture and Fittings: List of included furniture and fittings - include when sale includes furnishings

5. Building Management: Management fees and obligations - include for properties in managed buildings

6. Pre-existing Violations: Known building or land use violations - include when relevant

7. Property Tax Arrangements: Special tax arrangements or outstanding taxes - include when relevant

8. Third Party Rights: Rights of third parties affecting the property - include when applicable

Suggested Schedules

1. Schedule 1 - Property Description: Detailed property description including boundaries, measurements, and features

2. Schedule 2 - Purchase Price Breakdown: Itemized breakdown of the purchase price including deposits and payments

3. Schedule 3 - Completion Requirements: List of documents required for completion

4. Schedule 4 - Title Documents: List of title documents to be delivered on completion

5. Schedule 5 - Fixtures and Fittings: Inventory of fixtures and fittings included/excluded from sale

6. Appendix A - Property Plans: Floor plans and location plans of the property

7. Appendix B - Land Search: Recent land search results showing title particulars

8. Appendix C - Photographs: Photographs of the property and included items

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Legal Services

Banking and Finance

Property Development

Property Management

Construction

Real Estate Investment

Professional Services

Property Technology

Insurance

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Contract Administration

Property Development

Investment

Risk Management

Corporate Services

Relevant Roles

Real Estate Lawyer

Property Lawyer

Conveyancing Solicitor

Real Estate Agent

Property Manager

Legal Counsel

Compliance Officer

Real Estate Director

Property Development Manager

Investment Manager

Bank Manager

Title Officer

Real Estate Broker

Property Consultant

Legal Assistant

Paralegal

Contract Administrator

Industries
Conveyancing and Property Ordinance (Cap. 219): The primary legislation governing property transactions in Hong Kong, including requirements for property contracts, legal formalities for property transfer, and rights and obligations of parties
Land Registration Ordinance (Cap. 128): Regulates the registration of real estate transactions and provides the framework for the land registry system in Hong Kong
Stamp Duty Ordinance (Cap. 117): Governs the stamp duty payments required for property transactions, including ad valorem stamp duty, special stamp duty, and buyer's stamp duty
Estate Agents Ordinance (Cap. 511): Regulates estate agency practices and sets requirements for property information disclosure in sale agreements
Contract Law (Cap. 26): General principles of contract law affecting the formation and enforcement of property sale agreements
Building Management Ordinance (Cap. 344): Relevant for properties in multi-story buildings, governing management and maintenance obligations
Unconscionable Contracts Ordinance (Cap. 458): Protects parties against unfair terms in contracts, including property sale agreements
Personal Data (Privacy) Ordinance (Cap. 486): Governs the collection and handling of personal data in property transactions
Money Lenders Ordinance (Cap. 163): Relevant when the property purchase involves private financing arrangements
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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