The House Ownership Contract serves as the primary legal instrument for transferring residential property ownership in Hong Kong. This document is essential when conducting property transactions in Hong Kong's real estate market, whether for private residences, apartments, or houses. It incorporates all requirements under Hong Kong's property laws, including the Conveyancing and Property Ordinance, and addresses crucial aspects such as property details, payment terms, warranties, and completion procedures. The contract is designed to protect both vendors and purchasers while ensuring compliance with local regulations, stamp duty requirements, and registration procedures. It can be customized to accommodate various property types and special conditions while maintaining its core legal framework under Hong Kong jurisdiction.
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1. Parties: Identification and details of the Vendor and Purchaser
2. Background: Context of the sale and brief description of the property
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including lot number, address, and registered details
5. Purchase Price: Agreement on purchase price and payment structure
6. Payment Terms: Detailed payment schedule including deposits and completion payment
7. Completion: Completion date, requirements, and procedures
8. Title and Transfer: Vendor's title guarantee and transfer obligations
9. Vendor's Representations and Warranties: Warranties regarding property condition, ownership, and encumbrances
10. Purchaser's Representations and Warranties: Confirmations regarding financial capacity and understanding of property condition
11. Risk and Insurance: Transfer of risk and insurance responsibilities
12. Default and Remedies: Consequences of default by either party and available remedies
13. Stamp Duty: Responsibilities for payment of stamp duty and other taxes
14. Notices: Process for serving notices between parties
15. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction
1. Mortgage Arrangements: Include when purchaser is obtaining mortgage financing, detailing lender requirements and conditions
2. Existing Tenancies: Include when property is sold subject to existing tenancies, detailing tenant rights and obligations
3. Furniture and Fittings: Include when sale includes specific furniture or fittings, listing included items
4. Property Management: Include for properties in managed buildings, detailing management fees and obligations
5. Renovation Conditions: Include when specific renovation works are agreed as part of the sale
6. Car Parking Space: Include when sale includes parking space, detailing specific rights and restrictions
7. Special Conditions: Include for any unique requirements or conditions specific to the transaction
1. Schedule 1 - Property Details: Detailed property description, including floor plans and boundary plans
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and timing
3. Schedule 3 - Included Fixtures and Fittings: Inventory of fixtures and fittings included in the sale
4. Schedule 4 - Title Documents: List of relevant title documents and land search results
5. Schedule 5 - Existing Encumbrances: Details of any existing mortgages, charges, or other encumbrances
6. Appendix A - Property Photographs: Recent photographs of the property's current condition
7. Appendix B - Building Management Rules: Copy of relevant building management rules and regulations
8. Appendix C - Government Lease Conditions: Relevant excerpts from government lease affecting the property
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Legal Services
Banking and Finance
Property Management
Construction
Insurance
Property Development
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Documentation
Risk Management
Business Development
Commercial
Operations
Relevant Roles
Property Lawyer
Real Estate Agent
Conveyancing Manager
Property Manager
Mortgage Advisor
Legal Counsel
Property Developer
Title Officer
Compliance Officer
Real Estate Director
Banking Manager
Property Consultant
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