Document background
The Lot Purchase Agreement is a fundamental document in Hong Kong real estate transactions, used when parties wish to transfer ownership rights of land lots. It is essential in various contexts, from simple lot transfers to complex development projects. This agreement must comply with Hong Kong's sophisticated property law system, which operates on a leasehold basis where the government retains ultimate ownership of all land (except St. John's Cathedral). The document typically includes detailed provisions about the lot's specifications, government lease conditions, development restrictions, and permitted uses. It must address unique aspects of Hong Kong property transactions such as stamp duty requirements, registration procedures, and compliance with the Conveyancing and Property Ordinance. The Lot Purchase Agreement serves as the primary contract governing the entire transaction, from initial agreement through to completion, and must be carefully drafted to protect both parties' interests while ensuring compliance with local regulations.
