The Agreement Of Sale Of Immovable Property is a fundamental legal instrument in Hong Kong's real estate transactions, essential for documenting the transfer of property ownership. It is used whenever immovable property (such as residential apartments, commercial buildings, or land) is bought and sold in Hong Kong. The agreement must comply with Hong Kong's common law system and specific local ordinances, particularly the Conveyancing and Property Ordinance (Cap. 219). This document typically includes detailed property descriptions, purchase price, payment terms, completion arrangements, warranties, and both parties' obligations. It serves as the primary contract protecting both vendors' and purchasers' interests while ensuring the transaction meets all legal requirements for property transfer in Hong Kong's jurisdiction.
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1. Parties: Identification and details of the Vendor and Purchaser, including their full names, identification numbers, and addresses
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including lot number, address, and registered particulars
5. Purchase Price: Statement of the purchase price and payment terms including deposits and completion payment
6. Payment Terms: Detailed breakdown of payment schedule, method of payment, and consequences of default
7. Completion: Completion date, procedures, and requirements for completion of the sale
8. Title and Documents: Vendor's obligations regarding proof of title and delivery of necessary documents
9. Vendor's Representations and Warranties: Standard warranties about property ownership, encumbrances, and condition
10. Purchaser's Representations and Warranties: Purchaser's confirmations regarding inspection and acceptance of the property
11. Vacant Possession: Obligations regarding delivery of vacant possession upon completion
12. Default: Consequences and remedies in case of default by either party
13. Stamp Duty: Responsibilities for payment of stamp duty and other transaction costs
14. Notices: Process for serving notices between parties
15. Governing Law: Confirmation of Hong Kong law as governing law and jurisdiction
16. Execution: Signature blocks and execution formalities
1. Tenancy: Required when the property is sold subject to existing tenancy, detailing arrangements and handover of tenancy documents
2. Mortgage: Required when the property is sold subject to an existing mortgage, detailing discharge arrangements
3. Car Parking Space: Required when the sale includes a parking space, detailing its particulars and any special conditions
4. Furniture and Fittings: Required when the sale includes furniture or fittings, listing included items
5. Pre-existing Violations: Required when there are known building violations or pending orders from authorities
6. Commission: Required when there are estate agent commission arrangements to be documented
7. Joint Ownership: Required when multiple purchasers are buying with specific ownership shares
8. Power of Attorney: Required when either party is acting through an attorney
1. Schedule 1 - Property Details: Detailed property description including lot number, government lease details, and property boundaries
2. Schedule 2 - Purchase Price Payment Schedule: Detailed breakdown of payment installments and timing
3. Schedule 3 - Inventory of Fixtures and Fittings: List of items included in or excluded from the sale
4. Schedule 4 - Title Documents: List of title documents to be delivered upon completion
5. Schedule 5 - Existing Tenancy Details: Details of any existing tenancy including key terms and conditions
6. Appendix A - Property Floor Plan: Floor plan showing the layout and dimensions of the property
7. Appendix B - Recent Land Search: Copy of recent land search showing current ownership and encumbrances
8. Appendix C - Photographs: Photographs of the property and any specific features or defects noted
Relevant legal definitions
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Relevant Industries
Real Estate
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Banking and Finance
Property Development
Property Management
Construction
Property Investment
Facilities Management
Urban Planning
Insurance
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Corporate Services
Risk Management
Finance
Operations
Business Development
Documentation
Relevant Roles
Real Estate Lawyer
Property Conveyancer
Real Estate Agent
Property Manager
Legal Counsel
Compliance Officer
Real Estate Investment Manager
Property Development Manager
Bank Manager
Mortgage Specialist
Title Insurance Officer
Property Valuer
Corporate Lawyer
Real Estate Transaction Coordinator
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