ºÚÁÏÊÓƵ

The Condominium Purchase Agreement is a crucial legal document used in Hong Kong real estate transactions for the sale and purchase of residential condominium units. It is essential for both new developments and secondary market transactions, ensuring compliance with Hong Kong's complex property laws and regulations. The agreement incorporates mandatory provisions required by local legislation, including the Conveyancing and Property Ordinance and the Residential Properties (First-hand Sales) Ordinance. It addresses key aspects such as property details, payment terms, stamp duty obligations, and management rights under the Building Management Ordinance. This document is particularly important given Hong Kong's unique property market characteristics, including high-density living and the prevalence of multi-story developments. The agreement protects both vendors' and purchasers' interests by clearly defining rights, obligations, and remedies while ensuring the transaction meets all regulatory requirements.

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 unit number, floor area, and share of common areas

5. Purchase Price: Statement of the purchase price and payment schedule

6. Payment Terms: Detailed payment structure including deposits, settlement, and payment methods

7. Completion: Completion date, procedures, and requirements for closing the transaction

8. Title and Transfer: Provisions regarding clean title, transfer procedures, and registration requirements

9. Vendor's Representations and Warranties: Warranties regarding property ownership, condition, and encumbrances

10. Purchaser's Representations and Warranties: Warranties regarding financial capacity and compliance with regulations

11. Stamp Duty: Provisions regarding payment of stamp duty and other transaction taxes

12. Default and Termination: Consequences of default and circumstances for termination

13. Notices: Process for serving notices between parties

14. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction

15. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability