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The Pre Sale Agreement is a crucial document in Hong Kong's property development sector, used when selling properties that are still under construction or not yet completed. This agreement type is heavily regulated under Hong Kong law, particularly by the Residential Properties (First-hand Sales) Ordinance, which aims to enhance the transparency and fairness of first-hand property sales. The document is typically used by developers selling residential properties off-plan and includes comprehensive details about the property specifications, payment structure, completion timeline, and various protections for both parties. It must incorporate specific provisions required by Hong Kong legislation, including mandatory information about the development, payment safeguards, and completion guarantees. The Pre Sale Agreement serves as the primary contract governing the relationship between the developer and purchaser until the property's completion and final sale.
