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Buy Sell Contract (Real Estate)

Buy Sell Contract (Real Estate) Template for Hong Kong

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Key Requirements PROMPT example:

Buy Sell Contract (Real Estate)

"I need a Buy Sell Contract (Real Estate) for a luxury apartment in Hong Kong's Mid-Levels area, valued at HKD 25 million, with completion scheduled for March 2025, including the sale of all existing high-end fixtures and furnishings."

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Document background
The Buy Sell Contract (Real Estate) is a fundamental legal document used in Hong Kong property transactions to formalize the sale and purchase of real estate. This document is essential when transferring property ownership and must comply with Hong Kong's robust property law framework, including the Conveyancing and Property Ordinance and Land Registration Ordinance. It is typically prepared after the provisional agreement and before completion, incorporating all necessary terms, conditions, and regulatory requirements specific to Hong Kong real estate transactions. The contract includes crucial elements such as property details, payment terms, stamp duty obligations, title requirements, and completion arrangements. It serves as the primary agreement protecting both parties' interests while ensuring compliance with Hong Kong's property laws and regulations.
Suggested Sections

1. Parties: Identification and details of the Vendor and Purchaser, including full legal names, identification numbers, and addresses

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

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

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

5. Purchase Price: Statement of the total purchase price and payment structure

6. Payment Terms: Detailed breakdown of payment schedule, including initial deposit, further deposit, and balance payment

7. Conditions Precedent: Any conditions that must be satisfied before completion of the sale

8. Completion: Details of the completion process, timing, and requirements

9. Vendor's Representations and Warranties: Warranties regarding property title, condition, and encumbrances

10. Property Inspection: Terms regarding property inspection rights and acceptance of current condition

11. Title and Documents: Requirements for proving good title and delivering necessary documents

12. Stamp Duty: Obligations regarding payment of stamp duty and other transaction taxes

13. Default and Termination: Consequences of default by either party and termination provisions

14. Miscellaneous: Standard provisions including notices, governing law, and entire agreement clause

Optional Sections

1. Mortgage Arrangements: Include when purchaser requires mortgage financing, detailing conditions and requirements

2. Existing Tenancies: Include when property is sold subject to existing tenancies, detailing tenant rights and obligations

3. Furniture and Fittings: Include when sale includes specific furniture or fittings, listing included items

4. Property Management: Include for properties in managed buildings, detailing management fees and obligations

5. Car Parking Space: Include when sale includes parking space, detailing specific rights and restrictions

6. Provisional Agreement Integration: Include when incorporating terms from a provisional sale and purchase agreement

7. Agent Commission: Include when property agents are involved, detailing commission arrangements

Suggested Schedules

1. Schedule 1 - Property Details: Detailed property information including floor plans, boundaries, and measurements

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and timing

3. Schedule 3 - Title Documents: List of title documents and relevant property documentation

4. Schedule 4 - Included Fixtures and Fittings: Inventory of fixtures and fittings included in the sale

5. Schedule 5 - Existing Defects: List of known defects or maintenance issues

6. Appendix A - Property Plans: Floor plans, location maps, and other relevant drawings

7. Appendix B - Photographs: Current photographs of the property and specific features

8. Appendix C - Building Management Rules: Relevant building management regulations and restrictions

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 legal definitions
Agreement
Assignment
Balance of the Purchase Price
Business Day
Completion
Completion Date
Deed of Mutual Covenant
Deposit
Encumbrances
Further Deposit
Government Grant
Government Lease
Government Rent
Hong Kong
Initial Deposit
Land Registry
Management Fee
Mortgage
Parties
Property
Purchase Price
Purchaser
Purchaser's Solicitors
Rates
Schedule
Special Condition
Stamp Duty
Title Documents
Transaction Documents
Vendor
Vendor's Solicitors
Building Management Ordinance
Conveyancing and Property Ordinance
Working Day
Property Particulars
Vacant Possession
Defects
Fixtures and Fittings
Management Company
Undivided Shares
Clauses
Property Description
Sale and Purchase
Purchase Price
Payment Terms
Deposit
Title
Representations and Warranties
Conditions Precedent
Completion
Vacant Possession
Property Inspection
Stamp Duty
Assignment
Risk and Insurance
Default
Termination
Property Management
Utilities and Outgoings
Notices
Time of Essence
Force Majeure
Entire Agreement
Severability
Governing Law
Dispute Resolution
Further Assurance
Costs and Expenses
Assignment and Transfer
Successors and Assigns
Indemnification
Confidentiality
Amendment
Waiver
Counterparts
Registration
Relevant Industries

Real Estate

Property Development

Banking and Finance

Legal Services

Property Management

Construction

Property Investment

Professional Services

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Investment

Finance

Risk Management

Operations

Business Development

Relevant Roles

Real Estate Lawyer

Property Lawyer

Conveyancing Solicitor

Real Estate Agent

Property Manager

Legal Counsel

Compliance Officer

Property Developer

Real Estate Investment Manager

Banking Manager

Mortgage Specialist

Property Consultant

Real Estate Broker

Title Officer

Contract Administrator

Industries
Conveyancing and Property Ordinance (Cap. 219): Primary legislation governing the transfer of real property in Hong Kong, including requirements for valid 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 documents affecting land, ensuring proper recording and priority of interests in land
Stamp Duty Ordinance (Cap. 117): Governs the payment of stamp duty on property transactions, including Ad Valorem Stamp Duty, Special Stamp Duty, and Buyer's Stamp Duty
Law of Contract in Hong Kong: Common law principles governing contract formation, validity, terms, and enforcement, essential for the basic structure and enforceability of the agreement
Building Management Ordinance (Cap. 344): Relevant for properties in multi-story buildings, governing management and maintenance obligations
Government Leases Ordinance (Cap. 40): Regulates land holding systems and government leases in Hong Kong, affecting property rights and restrictions
Estate Agents Ordinance (Cap. 511): Regulates real estate agency practices and requirements if property agents are involved in the transaction
Housing Ordinance (Cap. 283): Relevant for transactions involving public housing or subsidized housing units, imposing specific restrictions and requirements
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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