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Purchase Sale Agreement (Real Estate)

Purchase Sale Agreement (Real Estate) Template for Hong Kong

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Key Requirements PROMPT example:

Purchase Sale Agreement (Real Estate)

"I need a Purchase Sale Agreement (Real Estate) for a luxury residential property in Hong Kong's Peak district, with completion scheduled for March 2025, including provisions for existing high-value furniture and fittings to be included in the sale."

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Document background
The Purchase Sale Agreement (Real Estate) is a crucial legal document used in Hong Kong property transactions to formalize the transfer of real estate between parties. It serves as the primary contract governing the rights, obligations, and responsibilities of both vendors and purchasers in property transactions within Hong Kong's jurisdiction. This document is essential for both residential and commercial property transfers, incorporating specific requirements under Hong Kong's property laws, including the Conveyancing and Property Ordinance, Land Registration Ordinance, and Stamp Duty Ordinance. The agreement typically includes detailed property descriptions, payment terms, completion requirements, warranties, and specific provisions addressing local real estate practices and regulatory requirements. It is designed to protect both parties' interests while ensuring compliance with Hong Kong's stringent property transaction regulations.
Suggested Sections

1. Parties: Identification of the Vendor and Purchaser with full legal names and addresses

2. Background: Context of the transaction and brief description of the property being sold

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

4. Property Details: Comprehensive description of the property including lot number, address, and registered details

5. Purchase Price: Agreed purchase price and payment structure including deposits and completion payment

6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default

7. Completion: Completion date, procedures, and requirements for closing the transaction

8. Title and Transfer: Vendor's warranty of good title and obligations regarding transfer of property

9. Vendor's Representations and Warranties: Warranties regarding property condition, ownership, and encumbrances

10. Purchaser's Representations and Warranties: Purchaser's confirmations regarding financial capacity and understanding of the transaction

11. Stamp Duty Declaration: Declarations regarding stamp duty liability and payment responsibilities

12. Conditions Precedent: Conditions that must be satisfied before completion

13. Default and Termination: Consequences of default and circumstances allowing termination

14. Notices: Process and requirements for giving notices under the agreement

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

16. Execution: Signature blocks and execution requirements

Optional Sections

1. Mortgage Arrangements: Include when purchaser requires mortgage financing, detailing arrangements and conditions

2. Existing Tenancies: Include when property is sold subject to existing tenancies, detailing tenant rights and obligations

3. Property Management: Include for properties in managed buildings, detailing management fees and obligations

4. Furniture and Fittings: Include when sale includes furniture or fittings, with detailed inventory

5. Development Obligations: Include for properties in new developments with ongoing obligations

6. Car Parking Space: Include when sale includes parking space, detailing specific rights and restrictions

7. Agent Commission: Include when transaction involves property agents, detailing commission arrangements

8. Renovation Period: Include when vendor allows purchaser early access for renovations

9. Special Conditions: Include for any unique requirements or conditions specific to the transaction

Suggested Schedules

1. Property Description Schedule: Detailed property description including boundaries, dimensions, and included features

2. Payment Schedule: Detailed breakdown of payment installments and timing

3. Title Documents: List of title documents and relevant land registry records

4. Inventory List: Detailed list of included furniture, fittings, and equipment if applicable

5. Property Inspection Report: Results of property inspection and condition assessment

6. Existing Tenancy Schedule: Details of any existing tenancy agreements affecting the property

7. Approved Building Plans: Copies of approved building plans and modifications

8. Management Rules: Building management rules and regulations if applicable

9. Certificates and Permits: Relevant certificates including occupation permit and other statutory approvals

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Assignment
Building
Business Day
Completion
Completion Date
Consideration
Deposit
Documents of Title
Encumbrances
Estate Agents Ordinance
Government Lease
Government Rent
Land Registry
Management Fee
Mortgage
Occupation Permit
Property
Purchase Price
Purchaser
Rates
Special Stamp Duty
Stamp Duty
Title Deeds
Vendor
Vacant Possession
Building Management Ordinance
Conveyancing and Property Ordinance
Land Registration Ordinance
Deed of Mutual Covenant
Management Company
Outstanding Management Charges
Purchaser's Solicitors
Vendor's Solicitors
Working Day
Common Areas
Fixtures and Fittings
Initial Deposit
Further Deposit
Balance of Purchase Price
Relevant Authority
Share in the Land
Undivided Shares
Utilities Deposits
Warranties
Clauses
Interpretation
Sale and Purchase
Purchase Price
Payment Terms
Deposit
Completion
Title
Property Transfer
Representations and Warranties
Vendor Covenants
Purchaser Covenants
Stamp Duty
Property Inspection
Risk and Insurance
Vacant Possession
Default
Termination
Force Majeure
Assignment
Property Management
Utilities
Notices
Costs and Expenses
Severability
Entire Agreement
Governing Law
Jurisdiction
Third Party Rights
Confidentiality
Further Assurance
Property Condition
Encumbrances
Land Registration
Management Fees
Rates and Taxes
Existing Tenancies
Mortgage
Time of Essence
Joint and Several Liability
Anti-Money Laundering
Relevant Industries

Real Estate

Legal Services

Banking & Finance

Property Development

Property Management

Construction

Professional Services

Corporate Services

Residential Property

Commercial Property

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Corporate Secretarial

Finance

Risk Management

Operations

Investment

Due Diligence

Relevant Roles

Real Estate Lawyer

Property Agent

Conveyancing Manager

Legal Counsel

Property Manager

Compliance Officer

Real Estate Director

Property Developer

Transaction Manager

Corporate Lawyer

Bank Manager

Property Investment Manager

Real Estate Consultant

Due Diligence Officer

Company Secretary

Industries
Conveyancing and Property Ordinance (Cap. 219): Primary legislation governing property transactions in Hong Kong, including requirements for property contracts, legal interests in land, and formalities for property transfers
Land Registration Ordinance (Cap. 128): Regulates the registration of real estate transactions and provides the framework for the land registry system in Hong Kong
Stamp Duty Ordinance (Cap. 117): Governs the payment of stamp duty on property transactions, including ad valorem stamp duty, special stamp duty, and buyer's stamp duty
Estate Agents Ordinance (Cap. 511): Regulates real estate agency practices and sets out requirements for property transactions involving estate agents
Law of Property Act: Provides fundamental principles regarding property ownership, rights, and interests in Hong Kong
Building Management Ordinance (Cap. 344): Relevant for properties in multi-unit buildings, governing management and maintenance responsibilities
Contract Law of Hong Kong: General principles of contract law that apply to real estate transactions, including offer, acceptance, consideration, and terms
Money Lenders Ordinance (Cap. 163): Relevant when the purchase involves financing, regulating money lending transactions and protecting borrowers
Residential Properties (First-hand Sales) Ordinance (Cap. 621): Regulates the sale of new residential properties to enhance transparency and consumer protection
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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