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Home Contract for Hong Kong

Home Contract Template for Hong Kong

A Hong Kong Home Contract is a legally binding agreement used for the sale and purchase of residential properties in Hong Kong SAR. This comprehensive document is structured in accordance with Hong Kong property law and encompasses all essential elements of a residential property transaction, including property details, payment terms, completion requirements, and parties' obligations. The contract ensures compliance with local regulations including the Conveyancing and Property Ordinance, while protecting the interests of both vendors and purchasers in the transaction.

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What is a Home Contract?

The Home Contract is a fundamental legal document used in Hong Kong's residential property market for formalizing property sales and purchases. This contract type is specifically designed to comply with Hong Kong's property laws and regulations, including the Conveyancing and Property Ordinance and related legislation. It should be used whenever a residential property transaction occurs in Hong Kong, whether it involves apartments, houses, or other residential units. The document covers crucial elements such as property identification, payment terms, completion requirements, title verification, and both parties' rights and obligations. It also addresses jurisdiction-specific requirements like stamp duty obligations and title registration procedures. The Home Contract serves as a comprehensive framework that protects both vendors' and purchasers' interests while ensuring the transaction meets all legal requirements under Hong Kong law.

What sections should be included in a Home Contract?

1. Parties: Identification and details of the vendor and purchaser, including HKID/passport numbers and correspondence addresses

2. Background: Context of the transaction and brief description of the property being sold/purchased

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Comprehensive description of the property, including address, lot number, 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 of the sale

7. Title and Documents: Vendor's obligations regarding proof of title and delivery of necessary documents

8. Vacant Possession: Conditions for delivering vacant possession of the property

9. Representations and Warranties: Standard warranties about the property's condition and vendor's authority to sell

10. Default Provisions: Consequences of default by either party and available remedies

11. Costs and Stamp Duty: Allocation of legal costs, stamp duty, and other expenses

12. Notices: Process for serving notices between parties

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

What sections are optional to include in a Home Contract?

1. Existing Tenancy: Required when the property is sold subject to an existing tenancy

2. Mortgage Status: Include when the property has an existing mortgage that needs to be discharged

3. Property Management: Required for properties in managed buildings or estates

4. Car Parking Space: Include when the sale includes a parking space

5. Furniture and Fittings: Required when the sale includes specific furniture or fittings

6. Special Conditions: For any unique requirements or conditions specific to the transaction

7. Agent Commission: Include when property agents are involved in the transaction

What schedules should be included in a Home Contract?

1. Schedule 1 - Property Details: Detailed property information including lot number, floor area, and building plans

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms and installments

3. Schedule 3 - Inventory List: List of furniture and fittings included in the sale (if applicable)

4. Schedule 4 - Existing Defects: Documentation of any existing defects or damage acknowledged by both parties

5. Appendix A - Floor Plan: Official floor plan of the property

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

7. Appendix C - Deed of Mutual Covenant: Relevant extracts from the Deed of Mutual Covenant (for properties in multi-unit buildings)

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Hong Kong

Publisher

Ƶ

Document Type

Credit Agreement

Sector

Banking

Cost

Free to use

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