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Formal Sale And Purchase Agreement Hk

For a sample of a temporary purchase and sale contract, please visit the Law Society of Hong Kong website. Please note that this model agreement is only for reference purposes and you must carefully consider any actual agreements with your agent or lawyer before signing it. There is no form of compulsory transmission in Hong Kong. The typical legal document includes an interim sales contract, a formal sales and sale contract and a deed of sale, all of which must be written, duly signed and certified, stamped and registered in the land registry. The ownership requirement must be imposed on the seller`s lawyers within a specified period of time, usually within seven business days of the buyer`s receipt of ownership decisions, otherwise the buyer is deemed accepted. The seller allows the buyer`s custodian to consult the property for valuation if appropriate notice is given to the seller before its completion. If you and the potential buyer agree to a negotiated price, both parties enter into an interim sale agreement. This is a legally binding contract that must be fully respected by the parties concerned. If the formal sale contract cannot be signed, the parties can rely on the interim agreement to pursue the contract or to claim damages. Unless the property is sold under an existing lease, the seller must deliver the buyer free possession of the property after completion. The property is sold “as we shall see.” The buyer inspected the property and accepted his physical condition.

The seller gives no guarantees on the physical condition of the property. (see also Chapter 2, paragraph 14) If the buyer insists on a requirement that the seller cannot resolve, the seller is free to have the sale cancelled by a declaration to the buyer. B, for example, a delay of at least seven days after the written termination. Unless this requirement has been revoked in the meantime, the formal agreement will be cancelled at the expiry of the notice and the purchaser will be entitled to restitution of all unpaid payments that have been paid without compensation, while all title deeds will be returned to the Seller. Time is at the heart of the formal agreement (i.e. both parties strictly respect the deadlines specified in the agreement).

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