The Option To Buy Contract is a crucial document in Hong Kong property transactions, providing a secure mechanism for parties to lock in potential property purchases while maintaining flexibility. It is commonly used in both commercial and residential property transactions where buyers need time to arrange financing or conduct due diligence, or where sellers wish to secure a potential sale while maintaining ownership in the interim. The document must comply with Hong Kong's common law system and statutory requirements, particularly the Conveyancing and Property Ordinance and Stamp Duty Ordinance. It typically includes detailed provisions about the option premium, exercise period, purchase price, completion requirements, and property specifications. This type of agreement is particularly valuable in Hong Kong's dynamic property market, where timing and price certainty are often crucial factors in property transactions.
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1. Parties: Identification of the Option Grantor and Option Holder, including full legal names and addresses
2. Background: Context of the agreement, including description of the property and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of Option: Core terms of the option, including explicit grant language and option period
5. Option Premium: Details of the consideration paid for the option and payment terms
6. Exercise of Option: Procedure and requirements for exercising the option, including notice requirements
7. Purchase Price: Specification of the purchase price for the property if the option is exercised
8. Completion: Terms and conditions for completion of the sale upon exercise of the option
9. Property Condition: Warranties and representations regarding the condition of the property
10. Title: Confirmation of good title and requirements for title proof
11. Termination: Circumstances under which the option agreement may be terminated
12. Governing Law: Specification of Hong Kong law as governing law and jurisdiction
13. Entire Agreement: Standard entire agreement clause
14. Execution: Execution block for parties' signatures
1. Deposit: Used when a deposit is required upon exercise of the option, separate from the option premium
2. Due Diligence: Include when the option holder has rights to conduct property investigations during the option period
3. Mortgages and Encumbrances: Include when the property has existing mortgages or encumbrances that need to be addressed
4. Assignment: Include when parties want to specifically allow or prohibit assignment of the option rights
5. Property Management: Include when specific provisions are needed regarding property management during the option period
6. Confidentiality: Include when parties want to keep the option agreement confidential
7. Break Fee: Include when there's a break fee payable if either party backs out under certain circumstances
1. Property Description: Detailed legal description of the property including lot number, address, and registered details
2. Option Exercise Notice: Pro-forma notice for exercising the option
3. Purchase Price Calculation: If the purchase price includes adjustments or calculations, detail the methodology
4. Existing Encumbrances: List of any existing encumbrances, mortgages, or charges on the property
5. Property Inventory: If applicable, inventory of fixtures, fittings, and contents included in the sale
6. Due Diligence Requirements: Detailed requirements and procedures for due diligence if applicable
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