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Area Residential Purchase Contract Template for Hong Kong

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Key Requirements PROMPT example:

Area Residential Purchase Contract

I need an Area Residential Purchase Contract for a Hong Kong apartment purchase closing on March 15, 2025, where the property will be sold with existing tenants and includes a parking space, so the contract needs to address tenant rights and parking space ownership transfer.

Document background
The Area Residential Purchase Contract is a comprehensive legal document used for residential property transactions in Hong Kong. It serves as the primary agreement between vendors and purchasers, incorporating mandatory requirements under Hong Kong's property laws and conveyancing practices. This contract type is essential for both new and secondary market residential property sales, ensuring compliance with local regulations including stamp duty requirements, title verification procedures, and completion protocols. The document includes provisions for property description, payment terms, warranties, and completion requirements, while addressing specific Hong Kong market considerations such as building management obligations and unauthorized structure issues. It is designed to protect both parties' interests while facilitating smooth property transfers in accordance with Hong Kong's legal framework.
Suggested Sections

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 lot number, address, and registered details

5. Purchase Price: Statement of the purchase price and payment terms including deposit arrangements

6. Completion: Completion date, procedures, and requirements for completion

7. Title: Vendor's obligations regarding good title and purchaser's right to raise requisitions

8. Representations and Warranties: Vendor's warranties regarding the property and any encumbrances

9. Stamp Duty: Responsibilities for payment of various stamp duties

10. Risk and Insurance: Transfer of risk and insurance obligations

11. Default: Consequences of default by either party

12. Notices: Process for serving notices between parties

13. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction

Optional Sections

1. Existing Tenancies: Details of any existing tenancies if property is sold subject to tenancies

2. Mortgage Requirements: Special conditions relating to purchaser's mortgage arrangements if applicable

3. Car Parking Space: Specific terms relating to any car parking space included in the sale

4. Furniture and Fittings: Lists and conditions if sale includes furniture or fittings

5. Building Management: Specific provisions relating to management fees and building management if property is in multi-unit building

6. Pre-existing Violations: Handling of any building code violations or unauthorized structures

7. Agent Commission: Commission arrangements if property agents are involved

Suggested Schedules

1. Schedule 1 - Property Description: Detailed property description including boundaries and measurements

2. Schedule 2 - Purchase Price Payment Schedule: Breakdown of payment installments and timing

3. Schedule 3 - Inventory of Fixtures and Fittings: List of items included/excluded from the sale

4. Schedule 4 - Title Documents: List of title documents and encumbrances

5. Appendix A - Property Floor Plan: Floor plan showing layout and dimensions

6. Appendix B - Land Search Documents: Recent land search results showing title details

7. Appendix C - Completion Requirements: Checklist of documents required for completion

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Relevant Industries

Real Estate

Legal Services

Banking & Finance

Property Management

Construction & Development

Insurance

Professional Services

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Sales

Mortgage Services

Risk Management

Document Management

Client Relations

Property Development

Relevant Roles

Real Estate Lawyer

Property Conveyancer

Real Estate Agent

Property Manager

Mortgage Banker

Legal Counsel

Compliance Officer

Property Developer

Real Estate Investment Manager

Title Insurance Officer

Property Valuer

Real Estate Transaction Coordinator

Industries








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