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Land Lease Purchase Agreement for Hong Kong

Land Lease Purchase Agreement Template for Hong Kong

A comprehensive legal document governed by Hong Kong law that facilitates the transfer of leasehold interests in land or property from one party to another. This agreement is specifically adapted to Hong Kong's unique property system where land is predominantly held under government leases. It details the terms and conditions of the purchase, including purchase price, payment terms, completion requirements, and obligations of both parties. The document incorporates specific provisions required under Hong Kong property law, including compliance with government lease conditions, stamp duty requirements, and registration procedures at the Land Registry.

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What is a Land Lease Purchase Agreement?

The Land Lease Purchase Agreement is a fundamental document in Hong Kong's property market, where virtually all land is owned by the government and transferred through long-term leases. This document is essential when purchasing leasehold interests in any type of property in Hong Kong, whether for residential, commercial, or industrial use. It must comply with various ordinances including the Conveyancing and Property Ordinance and Land Registration Ordinance. The agreement typically includes detailed provisions about the property, purchase terms, completion requirements, and government lease conditions. It's particularly important to note that unlike freehold systems in other jurisdictions, this agreement deals specifically with the transfer of leasehold interests, making it unique to Hong Kong's property law framework. The document serves as both a contract for sale and a framework for completing the property transfer, ensuring all local legal requirements are met.

What sections should be included in a Land Lease Purchase Agreement?

1. Parties: Identification of the vendor (current leaseholder) and purchaser, including full legal names and addresses

2. Background: Context of the transaction, including brief description of the property and current lease status

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

4. Sale and Purchase Agreement: Core agreement to sell and purchase the leasehold interest

5. Purchase Price: Specified purchase price and payment structure

6. Deposit: Details of the initial deposit, including amount and payment terms

7. Conditions Precedent: Conditions that must be satisfied before completion

8. Due Diligence: Vendor's obligations to provide documentation and purchaser's right to investigate title

9. Completion: Completion date, location, and requirements

10. Title and Government Lease: Warranties regarding title and compliance with government lease conditions

11. Representations and Warranties: Standard representations and warranties from both parties

12. Stamp Duty: Responsibilities for payment of stamp duty

13. Costs: Allocation of legal and other transaction costs

14. Assignment and Registration: Requirements for preparing and registering the assignment

15. Default: Consequences of default by either party

16. Notices: Process for giving notices under the agreement

17. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction

What sections are optional to include in a Land Lease Purchase Agreement?

1. Existing Tenancies: Required if the property is subject to existing tenancies that will continue after completion

2. Mortgage Status: Required if the property is mortgaged and needs to be discharged

3. Property Management: Required for properties in multi-unit buildings with management obligations

4. Renovation and Alterations: Required if there are ongoing works or approval requirements

5. Environmental Matters: Required for industrial properties or properties with potential environmental issues

6. Car Parking Spaces: Required if car parking spaces are included in the sale

7. Break Clause: Optional provision allowing early termination under specified circumstances

8. Special Conditions: Required for any unique requirements or circumstances specific to the property

What schedules should be included in a Land Lease Purchase Agreement?

1. Schedule 1 - Property Description: Detailed description of the property including lot number, address, and registered details

2. Schedule 2 - Government Lease Terms: Key terms and conditions from the government lease

3. Schedule 3 - Property Plans: Floor plans, location plans, and any relevant drawings

4. Schedule 4 - Inventory: List of fixtures, fittings, and contents included in the sale

5. Schedule 5 - Outstanding Requirements: List of any outstanding orders, notices, or requirements affecting the property

6. Appendix A - Title Documents: Copies of relevant title documents and government lease

7. Appendix B - Property Photographs: Recent photographs of the property

8. Appendix C - Existing Tenancy Agreements: Copies of any existing tenancy agreements (if applicable)

Authors

Alex Denne

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

Jurisdiction

Hong Kong

Publisher

Ƶ

Document Type

Termination Letter

Cost

Free to use
Relevant legal definitions









































Clauses






























Relevant Industries

Real Estate

Property Development

Commercial Property

Residential Property

Industrial Property

Retail

Hospitality

Banking and Finance

Legal Services

Construction

Relevant Teams

Legal

Real Estate

Property Management

Finance

Compliance

Corporate Development

Facilities Management

Investment

Operations

Risk Management

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Real Estate Director

Property Manager

Legal Counsel

Corporate Lawyer

Real Estate Agent

Property Developer

Investment Manager

Facilities Manager

Contract Manager

Compliance Officer

Property Acquisition Manager

Real Estate Investment Director

Development Director

Industries







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