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Wholesale Real Estate Contract

Wholesale Real Estate Contract Template for Hong Kong

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Key Requirements PROMPT example:

Wholesale Real Estate Contract

"I need a Wholesale Real Estate Contract for the purchase of a portfolio of 5 industrial properties in Kowloon, Hong Kong, with completion scheduled for March 2025, including provisions for existing tenancies and environmental compliance requirements."

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Document background
The Wholesale Real Estate Contract is a specialized agreement used in Hong Kong for significant commercial property transactions, typically involving multiple units or large-scale commercial properties. This document is essential when conducting bulk property purchases, development site acquisitions, or major commercial real estate investments in Hong Kong. It incorporates specific requirements under Hong Kong's property law framework, including compliance with the Conveyancing and Property Ordinance and Land Registration Ordinance. The contract addresses unique aspects of Hong Kong's property system, such as government leases, development restrictions, and commercial zoning requirements. It is particularly relevant for property developers, investment firms, and commercial entities engaging in substantial real estate transactions in the Hong Kong market.
Suggested Sections

1. Parties: Identification of buyer, seller, and any other relevant parties including their full legal names, registration numbers (if companies), and addresses

2. Background: Context of the transaction, brief description of the property, and purpose of the agreement

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

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

5. Purchase Price: Agreed purchase price, payment terms, deposit requirements, and payment schedule

6. Conditions Precedent: Conditions that must be satisfied before completion of the sale

7. Due Diligence: Buyer's rights and timeframe for conducting due diligence investigations

8. Completion: Details of the completion process, timing, and requirements

9. Representations and Warranties: Statements and guarantees made by both parties regarding the property and their capacity to enter into the agreement

10. Default and Termination: Consequences of default and circumstances under which the agreement may be terminated

11. Stamp Duty and Costs: Allocation of stamp duty, legal fees, and other transaction costs

12. General Provisions: Standard contractual provisions including notices, governing law, and entire agreement clause

Optional Sections

1. Tenancies: Required when the property is sold subject to existing tenancies, detailing current lease arrangements

2. Property Management: Needed for properties in multi-unit buildings, addressing management fees and obligations

3. Development Conditions: Required when the property is subject to specific development restrictions or requirements

4. Environmental Matters: Included when environmental issues or compliance requirements need to be addressed

5. Planning Permissions: Required when specific planning permissions affect the property use or development

6. Property Defects: Included when known defects need to be disclosed and addressed

7. Assignment Restrictions: Required when there are specific restrictions on future property transfers

8. Broker Provisions: Needed when real estate brokers are involved in the transaction

Suggested Schedules

1. Property Schedule: Detailed property description, including boundaries, fixtures, and fittings

2. Title Documents: List of all relevant title documents and encumbrances

3. Existing Tenancies: Details of current lease agreements and tenant information

4. Due Diligence Checklist: List of required due diligence items and documentation

5. Payment Schedule: Detailed breakdown of payment terms and installments

6. Property Condition Report: Current condition of the property and any identified issues

7. Building Plans: Approved building plans and modifications

8. Certificates and Permits: Copies of relevant certificates, permits, and compliance documents

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
Appurtenant Rights
Business Day
Completion
Completion Date
Conditions Precedent
Crown Lease
Deposit
Due Diligence Period
Encumbrances
Environmental Laws
Existing Tenancies
Government Lease
Government Rent
Hong Kong
Land Registry
Management Fees
Material Adverse Change
Permitted Use
Property
Property Rights
Purchase Price
Purchaser
Rates
Related Documents
Relevant Authority
Seller
Stamp Duty
Standard Terms
Title Documents
Transaction Documents
Vacant Possession
Valuation Report
Warranties
Relevant Industries

Real Estate

Commercial Property Development

Property Investment

Construction

Urban Development

Retail Property

Industrial Property

Hospitality

Logistics

Financial Services

Relevant Teams

Legal

Real Estate

Property Development

Investment

Finance

Compliance

Risk Management

Asset Management

Acquisitions

Commercial Operations

Relevant Roles

Real Estate Director

Property Development Manager

Investment Manager

Legal Counsel

Commercial Director

Asset Manager

Property Portfolio Manager

Acquisition Manager

Real Estate Broker

Development Director

Chief Investment Officer

Property Analyst

Risk Manager

Compliance Officer

Finance Director

Industries
Conveyancing and Property Ordinance (Cap. 219): Primary legislation governing property transactions in Hong Kong, including requirements for property transfers, legal interests in land, and formalities for real estate contracts
Land Registration Ordinance (Cap. 128): Regulates the registration of real estate transactions and provides the framework for recording property interests in Hong Kong
Estate Agents Ordinance (Cap. 511): Governs the conduct of estate agents and the requirements for property transactions, including disclosure obligations and professional standards
Stamp Duty Ordinance (Cap. 117): Stipulates the stamp duty requirements and rates applicable to property transactions, including special rates for commercial properties
Law of Contract in Hong Kong: Common law principles governing contract formation, terms, conditions, and enforcement, essential for creating valid real estate contracts
Government Leases Ordinance (Cap. 40): Regulates land holding systems and government leases in Hong Kong, crucial for understanding property rights and restrictions
Building Management Ordinance (Cap. 344): Relevant for properties in multi-story buildings, governing management and maintenance responsibilities
Unconscionable Contracts Ordinance (Cap. 458): Provides protection against unfair terms in contracts, including real estate transactions
Competition Ordinance (Cap. 619): Relevant for wholesale real estate transactions to ensure compliance with competition laws in commercial property dealings
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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