Contract Of Sale Condominium Unit Template for Hong Kong

The Contract of Sale Condominium Unit is a fundamental legal document used in Hong Kong real estate transactions for the transfer of ownership of condominium units. This agreement is essential when any individual or entity wishes to sell or purchase a condominium unit in Hong Kong, ensuring compliance with local property laws and regulations. The document comprehensively covers all aspects of the transaction, from property details and purchase price to completion procedures and post-completion obligations. It incorporates specific requirements under Hong Kong law, including provisions for title verification, handling of deposits in accordance with the Conveyancing and Property Ordinance, and necessary declarations for stamp duty purposes. The agreement serves as the primary record of the transaction terms and protects both parties' interests throughout the sale process.

1. Parties: Identification of the vendor and purchaser with their full legal names, identification numbers, and addresses

2. Background: Brief context of the transaction, including property ownership status and intention to sell/purchase

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpreting the contract

4. Property Details: Detailed description of the property including unit number, floor, building name, address, and registered lot number

5. Purchase Price: Statement of the purchase price, payment schedule, and method of payment

6. Deposits and Payments: Details of initial and subsequent deposits, payment milestones, and handling of deposits

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

8. Title and Transfer: Vendor's warranties regarding title, requirements for proving good title, and transfer procedures

9. Property Condition: Statement of the condition in which the property will be delivered and any included fixtures and fittings

10. Vendor's Representations and Warranties: Standard warranties regarding property ownership, encumbrances, and compliance with regulations

11. Purchaser's Representations and Warranties: Purchaser's confirmations regarding financial capacity and understanding of the purchase

12. Default and Termination: Consequences of default by either party and circumstances allowing termination