Contract Of Purchase And Sale For Commercial (Real Estate) Template for Hong Kong

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Key Requirements PROMPT example:

Contract Of Purchase And Sale For Commercial (Real Estate)

"I need a Contract Of Purchase And Sale For Commercial (Real Estate) for purchasing a vacant office building in Central, Hong Kong, with completion scheduled for March 15, 2025; the building will be acquired with vacant possession and we need specific provisions for conducting extensive renovations post-completion."

Document background
The Contract Of Purchase And Sale For Commercial (Real Estate) is a crucial legal document used in Hong Kong for transactions involving commercial property assets. It is specifically designed to comply with Hong Kong's property law framework, including the Conveyancing and Property Ordinance (Cap. 219) and related legislation. This document is essential when businesses or investors are buying or selling commercial real estate assets such as office buildings, retail spaces, industrial properties, or mixed-use developments. The contract comprehensively covers all aspects of the transaction, from initial agreement to completion, including due diligence requirements, title verification, payment terms, and completion procedures. It incorporates necessary provisions for stamp duty payment and registration requirements specific to Hong Kong's property market, while also addressing commercial considerations such as existing tenancies and property management arrangements.
Suggested Sections

1. Parties: Identification of the vendor and purchaser with full legal names and registration details

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

3. Definitions: Defined terms used throughout the agreement

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

5. Purchase Price: Agreement on purchase price, payment structure, and deposit arrangements

6. Conditions Precedent: Conditions that must be satisfied before completion

7. Due Diligence: Vendor's obligations to provide documentation and purchaser's investigation rights

8. Title and Ownership: Warranties regarding title and existing encumbrances

9. Completion: Completion date, requirements, and procedures

10. Vendor's Obligations: Pre-completion and completion obligations of the vendor

11. Purchaser's Obligations: Pre-completion and completion obligations of the purchaser

12. Default and Termination: Consequences of default and termination rights

13. Stamp Duty: Responsibilities for stamp duty payment

14. Representations and Warranties: Standard and specific warranties from both parties

15. Notices: Process for giving formal notices under the agreement

16. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction

Optional Sections

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

2. Environmental Matters: Needed for properties with potential environmental concerns

3. Planning and Development: Include when the property has ongoing or potential development issues

4. VAC Possession: Required when immediate vacant possession is part of the agreement

5. Property Management: Include for properties in managed developments

6. Tax Indemnities: Required for complex commercial transactions with specific tax implications

7. Assignment Rights: Include when either party may need to assign their rights

8. Break Clause: Optional early termination provisions

9. Conditions Subsequent: Include when certain conditions must be met after completion

Suggested Schedules

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

2. Title Documents: List of title documents and encumbrances

3. Existing Tenancies Schedule: Details of all existing leases and tenancy agreements

4. Inventory: List of fixtures, fittings, and equipment included in the sale

5. Outstanding Works: Details of any outstanding repairs or works to be completed

6. Form of Transfer: Prescribed form of transfer deed

7. Due Diligence Documents: List of documents provided for due diligence

8. Property Management Agreement: Details of ongoing management arrangements

9. Completion Requirements: Detailed list of completion deliverables and requirements

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

Relevant legal definitions
Clauses
Relevant Industries

Commercial Real Estate

Retail

Office Space

Industrial

Hospitality

Mixed-Use Development

Warehousing

Healthcare Facilities

Educational Facilities

Entertainment Venues

Banking and Financial Services

Professional Services

Manufacturing

Logistics

Relevant Teams

Legal

Real Estate

Finance

Compliance

Operations

Risk Management

Corporate Secretariat

Facilities Management

Investment

Asset Management

Property Management

Business Development

Due Diligence

Relevant Roles

Real Estate Director

Property Manager

Commercial Lawyer

Legal Counsel

Chief Financial Officer

Investment Manager

Asset Manager

Facilities Manager

Corporate Secretary

Risk Manager

Operations Director

Development Manager

Acquisition Manager

Real Estate Partner

Property Consultant

Compliance Officer

Due Diligence Manager

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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