The Joint Purchase Agreement For Property is a crucial document used in Hong Kong when two or more parties wish to purchase property together, whether for investment, residential, or commercial purposes. This agreement is essential in the Hong Kong property market, where joint purchases are common due to high property values and investment opportunities. It complies with Hong Kong's property law framework, including the Conveyancing and Property Ordinance and Land Registration Ordinance. The document outlines ownership structure (joint tenancy or tenancy in common), financial responsibilities, property management arrangements, and dispute resolution mechanisms. It's particularly important given Hong Kong's complex property regulations and stamp duty requirements, providing clarity and protection for all co-purchasers while establishing a clear framework for their ongoing relationship in property ownership.
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1. Parties: Identifies and provides full details of all co-purchasers involved in the joint purchase
2. Background: Sets out the context of the agreement and the parties' intention to jointly purchase the specified property
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Property Details: Specifies the property being purchased, including its full legal description and registered details
5. Ownership Structure: Defines whether the property will be held as joint tenants or tenants in common, including ownership percentages if applicable
6. Purchase Price and Contributions: Details the total purchase price and each party's financial contribution towards the purchase
7. Payment Terms: Outlines the payment schedule, including deposits, completion payment, and any staged payments
8. Mortgage Arrangements: Details of any mortgage financing, including responsibilities for mortgage payments and liability allocation
9. Completion: Specifies the completion date and procedures for property transfer
10. Ongoing Costs and Expenses: Defines how property-related expenses will be shared between the co-owners
11. Property Management: Sets out how decisions regarding the property will be made and how it will be managed
12. Restrictions on Disposal: Details any restrictions on selling, transferring, or encumbering the property
13. Default and Remedies: Specifies consequences and remedies if any party fails to meet their obligations
14. Dispute Resolution: Establishes procedures for resolving disputes between co-owners
15. Governing Law: Confirms Hong Kong law as governing law and jurisdiction
1. Pre-emptive Rights: Gives co-owners first right to purchase if one party wishes to sell their share
2. Rental Income: Required if the parties intend to rent out the property, detailing how rental income will be shared
3. Death of Co-owner: Special provisions for dealing with a co-owner's death, particularly relevant for tenants in common
4. Property Usage: Required if specific rules about property usage or occupation need to be established
5. Insurance Requirements: Detailed insurance obligations if specific coverage is required beyond standard requirements
6. Power of Attorney: Optional provisions for appointing attorneys to act on behalf of co-owners
7. Exit Strategy: Detailed procedures for voluntary termination of the co-ownership arrangement
1. Property Schedule: Detailed description of the property including lot number, address, and any included fixtures and fittings
2. Financial Contributions Schedule: Detailed breakdown of each party's financial contributions and payment obligations
3. Mortgage Details: Complete details of mortgage arrangements including lender information and terms
4. Expense Allocation: Detailed breakdown of how various property expenses will be shared
5. Property Management Rules: Specific rules and procedures for property management and decision-making
6. Completion Requirements: Checklist of requirements and documents needed for completion
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