Pre Sale Agreement Property Template for Hong Kong

The Pre-Sale Agreement Property is a crucial document in Hong Kong's real estate market, used when selling properties that are still under construction or not yet completed. It serves as the primary contract between developers and purchasers, ensuring both parties' interests are protected under Hong Kong law. This agreement is particularly important in Hong Kong's dynamic property market, where pre-sale of uncompleted properties is common practice. The document must comply with the Residential Properties (First-hand Sales) Ordinance and other relevant regulations, including specific requirements for sales brochures, price lists, and payment schedules. It typically includes comprehensive details about the property specifications, construction timelines, payment terms, and completion arrangements, while also addressing potential risks and contingencies associated with purchasing uncompleted properties.

1. Parties: Identification of the seller/developer and purchaser with full legal names and details

2. Background: Context of the sale, including brief description of the development project and property

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

4. Property Details: Detailed description of the property being sold, including unit number, floor area, and specifications

5. Purchase Price: Total purchase price and payment schedule including deposits and installments

6. Payment Terms: Detailed payment obligations, methods of payment, and consequences of default

7. Completion: Expected completion date, handover procedures, and conditions for completion

8. Developer's Obligations: Developer's commitments regarding construction, specifications, and timelines

9. Purchaser's Obligations: Purchaser's commitments and responsibilities during the pre-sale period

10. Title and Ownership: Provisions regarding transfer of title and ownership rights

11. Default and Termination: Consequences of default by either party and termination provisions

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

13. Force Majeure: Provisions for unforeseen circumstances affecting completion

14. Notices: Methods and addresses for official communications between parties

15. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction

16. Execution: Signature blocks and execution requirements