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House Sale Agreement Form for Hong Kong

House Sale Agreement Form Template for Hong Kong

A comprehensive legal document governed by Hong Kong law that formalizes the sale and purchase of residential property in Hong Kong. This agreement sets out the complete terms and conditions of the property transaction, including property details, purchase price, payment terms, completion requirements, and the rights and obligations of both parties. It incorporates specific requirements under Hong Kong's property laws and regulations, including provisions for stamp duty and land registration, while ensuring compliance with the Conveyancing and Property Ordinance (Cap. 219) and other relevant Hong Kong legislation.

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What is a House Sale Agreement Form?

The House Sale Agreement Form is a crucial legal document used in Hong Kong real estate transactions to formalize the sale and purchase of residential properties. It serves as the definitive contract between the vendor and purchaser, incorporating all essential terms and conditions of the sale. This document is specifically tailored to comply with Hong Kong's legal framework, including the Conveyancing and Property Ordinance (Cap. 219), Land Registration Ordinance (Cap. 128), and Stamp Duty Ordinance (Cap. 117). The agreement typically follows a provisional agreement and is used for both new and secondary market properties, containing detailed provisions for property transfer, payment terms, completion requirements, and party obligations. It's designed to protect both parties' interests while ensuring the transaction meets all regulatory requirements in Hong Kong's dynamic property market.

What sections should be included in a House Sale Agreement Form?

1. Parties: Identification and details of the Vendor and Purchaser, including full legal names, ID/company numbers, and addresses

2. Background: Brief context of the transaction and confirmation of Vendor's ownership and right to sell

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

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

5. Purchase Price: Agreed purchase price, payment structure, and deposit arrangements

6. Completion: Completion date, time and place, and procedures for completion

7. Title and Transfer: Vendor's obligations regarding good title and requirements for executing transfer documents

8. Vendor's Representations and Warranties: Standard warranties about property ownership, encumbrances, and condition

9. Purchaser's Representations and Warranties: Confirmations regarding purchase capacity and funding

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

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

12. Stamp Duty: Obligations regarding payment of stamp duty and other transaction taxes

13. Costs: Allocation of legal and other transaction costs

14. General Provisions: Standard clauses including notices, entire agreement, and governing law

What sections are optional to include in a House Sale Agreement Form?

1. Vacant Possession: Required when property is sold with vacant possession, specifying removal of existing tenants

2. Existing Tenancies: Used when property is sold subject to existing tenancies, including tenant details and lease terms

3. Mortgage Status: Required when property has existing mortgage to be discharged

4. Property Management: Needed for properties in managed buildings, covering management fees and obligations

5. Fixtures and Fittings: Detailed when specific items are included/excluded from sale

6. Planning Restrictions: Required when property is subject to specific planning conditions or restrictions

7. Car Parking Space: Used when car parking space is included in the sale

8. Agent Commission: Required when property agents are involved in the transaction

What schedules should be included in a House Sale Agreement Form?

1. Schedule 1 - Property Details: Detailed property description, including floor plans and boundary plans

2. Schedule 2 - Inventory: List of fixtures, fittings, and chattels included in the sale

3. Schedule 3 - Existing Tenancies: Details of any existing tenancy agreements affecting the property

4. Schedule 4 - Outstanding Orders: List of any outstanding building or maintenance orders

5. Schedule 5 - Title Documents: List of relevant title documents and encumbrances

6. Appendix A - Property Plans: Floor plans, location plans, and any relevant drawings

7. Appendix B - Copies of Title Documents: Copies of relevant land registry documents and title deeds

8. Appendix C - Provisional Agreement: Copy of the provisional sale and purchase agreement if applicable

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

Jurisdiction

Hong Kong

Publisher

Genie AI

Cost

Free to use

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