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Post Possession Agreement

Post Possession Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Post Possession Agreement

"I need a Post Possession Agreement for a luxury residential property in Hong Kong where the seller needs to stay in the property for 3 months after completion in March 2025, with specific provisions for ongoing renovation works."

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Document background
The Post Possession Agreement is essential in Hong Kong property transactions where sellers require temporary occupation of the property after completion of sale. This situation commonly arises when sellers need additional time to arrange alternative accommodation or complete renovation works at their new property. The agreement provides a structured framework under Hong Kong law that protects both parties' interests by clearly defining the terms of possession, payment obligations, insurance requirements, and property maintenance responsibilities. It differs from a standard lease agreement and is specifically designed to address the unique circumstances of post-completion possession, including specific provisions for property access, utility payments, and eventual handover procedures. The document is particularly crucial in Hong Kong's dynamic property market where timing gaps between property transactions are common.
Suggested Sections

1. Parties: Identification of the purchaser (as licensor) and seller (as licensee)

2. Background: Details of the underlying sale and purchase agreement, completion date, and reason for post-possession arrangement

3. Definitions: Key terms used throughout the agreement including Property, Possession Period, License Fee, etc.

4. Grant of License: Terms of the temporary possession rights granted to the seller

5. Possession Period: Duration of the post-completion possession period and any extension provisions

6. License Fee and Deposits: Amount payable for the possession period, payment schedule, and security deposit requirements

7. Seller's Obligations: Responsibilities including maintenance, utilities, insurance, and proper use of the property

8. Purchaser's Rights: Rights of inspection, access, and other reserved rights during the possession period

9. Insurance and Liability: Insurance requirements and allocation of risk during the possession period

10. Termination: Circumstances allowing early termination and consequences

11. Handover: Conditions and procedures for final property handover

12. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction

Optional Sections

1. Utilities and Maintenance: Detailed section for properties with complex utility arrangements or specific maintenance requirements

2. Security Arrangements: Additional section when specific security measures or access controls are needed

3. Rental Income: Required if the seller is permitted to continue receiving rental income from existing tenants

4. Renovation Works: Needed if seller requires permission to conduct any works during the possession period

5. Third Party Rights: Required when other parties may have rights or interests during the possession period

6. Force Majeure: Optional clause for addressing unforeseen circumstances affecting possession

7. Alternative Dispute Resolution: Optional section specifying mediation or arbitration procedures

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including address and identifying information

2. Schedule 2 - License Fee Calculation: Breakdown of license fee calculation and payment schedule

3. Schedule 3 - Inventory List: List of fixtures, fittings, and contents included in the possession arrangement

4. Schedule 4 - Condition Report: Detailed report of property condition at the start of possession period

5. Schedule 5 - House Rules: If applicable, specific rules and regulations for property use

6. Appendix A - Form of Notice: Standard form for notices between parties

7. Appendix B - Handover Protocol: Detailed procedures for final property handover

Authors

Alex Denne

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

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Residential Property

Commercial Property

Legal Services

Property Management

Property Development

Banking and Finance

Insurance

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Risk Management

Operations

Contract Administration

Transaction Services

Corporate Services

Relevant Roles

Real Estate Lawyer

Property Manager

Conveyancing Manager

Legal Counsel

Real Estate Agent

Property Transaction Officer

Risk Manager

Compliance Officer

Real Estate Director

Property Services Manager

Contract Administrator

Real Estate Partner

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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