The Condominium Purchase Agreement is a crucial legal document used in Hong Kong real estate transactions for the sale and purchase of residential condominium units. It is essential for both new developments and secondary market transactions, ensuring compliance with Hong Kong's complex property laws and regulations. The agreement incorporates mandatory provisions required by local legislation, including the Conveyancing and Property Ordinance and the Residential Properties (First-hand Sales) Ordinance. It addresses key aspects such as property details, payment terms, stamp duty obligations, and management rights under the Building Management Ordinance. This document is particularly important given Hong Kong's unique property market characteristics, including high-density living and the prevalence of multi-story developments. The agreement protects both vendors' and purchasers' interests by clearly defining rights, obligations, and remedies while ensuring the transaction meets all regulatory requirements.
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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
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the property including unit number, floor area, and share of common areas
5. Purchase Price: Statement of the purchase price and payment schedule
6. Payment Terms: Detailed payment structure including deposits, settlement, and payment methods
7. Completion: Completion date, procedures, and requirements for closing the transaction
8. Title and Transfer: Provisions regarding clean title, transfer procedures, and registration requirements
9. Vendor's Representations and Warranties: Warranties regarding property ownership, condition, and encumbrances
10. Purchaser's Representations and Warranties: Warranties regarding financial capacity and compliance with regulations
11. Stamp Duty: Provisions regarding payment of stamp duty and other transaction taxes
12. Default and Termination: Consequences of default and circumstances for termination
13. Notices: Process for serving notices between parties
14. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
15. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability
1. Mortgage Financing: Include when purchaser requires mortgage financing, specifying conditions and requirements
2. Car Parking Space: Include when the purchase includes a parking space
3. Furniture and Fittings: Include when the sale includes specific furniture or fittings
4. Vacant Possession: Include when the property is sold with vacant possession
5. Tenancy: Include when the property is sold subject to existing tenancy
6. Pre-existing Defects: Include when there are known defects that need to be addressed
7. Government Grant Conditions: Include when there are specific government lease conditions affecting the property
8. Stamp Duty Sharing: Include when parties agree to share stamp duty obligations
1. Property Schedule: Detailed property particulars including floor plan and specifications
2. Payment Schedule: Detailed breakdown of payment installments and timing
3. Inventory List: List of included furniture, fittings, and appliances if applicable
4. Title Documents: List of relevant title documents and encumbrances
5. Deed of Mutual Covenant: Building management rules and regulations
6. Existing Tenancy Agreement: Copy of existing tenancy agreement if applicable
7. Building Inspection Report: Technical inspection report if commissioned
8. Prescribed Information Form: Standard form required under Hong Kong property regulations
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