The Real Estate Sellers Contract is a fundamental legal document used in Hong Kong property transactions to formalize the sale of real estate between a vendor and purchaser. This document is essential for any property sale in Hong Kong, whether residential, commercial, or industrial. It must comply with the Hong Kong Conveyancing and Property Ordinance and related legislation, incorporating specific local requirements for property transfers, stamp duty obligations, and registration procedures. The contract typically includes detailed property descriptions, payment terms, completion arrangements, and warranties, while addressing unique aspects of Hong Kong property law such as Government Lease conditions and deed of mutual covenant obligations. It serves as the primary reference document throughout the transaction process and for any future property-related matters.
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1. Parties: Identification and details of the Vendor and Purchaser
2. Background: Context of the transaction and brief property description
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including lot number, address, and registered details
5. Purchase Price: Agreed purchase price and payment structure including deposits and completion payment
6. Completion: Completion date, procedures, and requirements for completion
7. Title and Title Documents: Vendor's proof of title and obligations regarding title documents
8. Representations and Warranties: Standard warranties about property ownership, capacity to sell, and property condition
9. Vacant Possession: Obligation to deliver vacant possession upon completion
10. Risk and Insurance: Property risk allocation and insurance requirements until completion
11. Default Provisions: Consequences of default by either party
12. Stamp Duty: Responsibilities for payment of stamp duty and other transaction taxes
13. Notices: Process for serving notices between parties
14. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction
1. Tenancy Provisions: Required when property is sold subject to existing tenancy
2. Mortgage Status: Required when property has an existing mortgage to be discharged
3. Car Parking Space: Required when sale includes parking space
4. Furniture and Fittings: Required when sale includes furniture or fixtures
5. Property Management: Required for properties in managed buildings or estates
6. Pre-existing Violations: Required when there are known building or land use violations
7. Agency Provisions: Required when transaction involves estate agents
8. Joint Ownership Provisions: Required when multiple purchasers are involved
1. Property Schedule: Detailed property description including boundaries and measurements
2. Inventory Schedule: List of included furniture, fittings, and equipment if applicable
3. Title Documents Schedule: List of title documents to be delivered on completion
4. Existing Tenancy Schedule: Details of existing tenancy if property sold subject to tenancy
5. Payment Schedule: Detailed breakdown of payment terms and installments
6. Property Inspection Report: Recent property condition report if available
7. Floor Plan: Property floor plan and measurements
8. Certificates and Permits: Copies of relevant certificates, permits and compliance documents
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