The Real Estate Agreement Contract is a fundamental legal document used in Hong Kong property transactions to formalize the sale and purchase of real estate. It serves as the primary agreement between vendors and purchasers, incorporating essential elements required under Hong Kong's property law system, which combines common law principles with specific local regulations. This document is crucial for both residential and commercial property transactions, ensuring compliance with the Conveyancing and Property Ordinance, Stamp Duty Ordinance, and other relevant Hong Kong legislation. It includes comprehensive details about the property, parties involved, financial terms, completion requirements, and various warranties and representations, while also addressing specific Hong Kong requirements such as stamp duty obligations and land registration procedures.
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1. Parties: Identification and details of the vendor and purchaser, including Hong Kong ID/BR numbers
2. Background: Context of the transaction and brief description of the property
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: Agreement on purchase price, payment schedule, and deposit arrangements
6. Completion: Completion date, procedures, and requirements for closing the transaction
7. Title and Ownership: Vendor's warranties regarding title, ownership, and encumbrances
8. Conditions Precedent: Conditions that must be satisfied before completion
9. Representations and Warranties: Standard representations and warranties from both parties
10. Stamp Duty: Obligations regarding payment of various stamp duties
11. Costs and Expenses: Allocation of legal costs, registration fees, and other expenses
12. Default and Termination: Consequences of default and termination rights
13. Notices: Process for serving notices between parties
14. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction
15. Execution: Signature blocks and execution formalities
1. Existing Tenancies: Required when the property is sold subject to existing tenancies
2. Mortgage Status: Required when the property has an existing mortgage to be discharged
3. Property Management: Required for properties in managed buildings or estates
4. Car Parking Space: Required when a parking space is included in the sale
5. Furniture and Fittings: Required when the sale includes furniture or fittings
6. Special Conditions: Required for any unique requirements or conditions specific to the transaction
7. Agent Commission: Required when the transaction involves property agents
8. Renovation Works: Required when there are ongoing or planned renovation works
9. Government Lease Conditions: Required when there are specific government lease conditions affecting the property
1. Property Schedule: Detailed property information including lot number, floor area, and building plans
2. Payment Schedule: Detailed breakdown of payment terms and installments
3. Inventory List: List of furniture and fittings included in the sale
4. Title Documents: List of title documents and their copies
5. Existing Tenancy Schedule: Details of any existing tenancy agreements
6. Deed of Mutual Covenant: Building management rules and regulations
7. Property Inspection Report: Results of property inspection and condition assessment
8. Outstanding Management Fees: Statement of outstanding management fees and other charges
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