Deed Of Sale Of Condominium Unit Template for Hong Kong

The Deed of Sale of Condominium Unit is a crucial legal instrument in Hong Kong's property market, used specifically for transferring ownership of condominium units. This document is essential when conducting property transactions in Hong Kong's dense urban environment, where condominium living is prevalent. It must comply with Hong Kong's stringent property laws, including the Conveyancing and Property Ordinance and Building Management Ordinance. The deed encompasses all necessary elements for a valid property transfer, including precise property details, ownership rights, common area provisions, and management obligations. It's particularly important in Hong Kong's complex property market, where transactions often involve significant values and must address unique aspects of condominium ownership such as shared facilities and management fees.

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

2. Background: Recitals explaining the ownership status of the property and the intention to sell/purchase

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

4. Property Details: Comprehensive description of the condominium unit, including unit number, floor area, and share of common areas

5. Sale and Purchase: Core terms of the sale including purchase price and basic obligations of both parties

6. Payment Terms: Detailed structure of payments, including deposits, payment schedule, and completion payment

7. Completion: Completion date, venue, and procedural requirements for completion

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

9. Purchaser's Representations and Warranties: Warranties regarding purchase capacity and financial ability

10. Title and Documents: Requirements for proving and transferring good title

11. Conditions of Property: State of the property and any included fixtures and fittings

12. Common Areas and Facilities: Rights and obligations regarding shared facilities and common areas

13. Management Fees and Outgoings: Arrangements for ongoing property expenses and management fees

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

15. Stamp Duty and Costs: Responsibility for stamp duty, legal fees, and other transaction costs

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