Provisional Sales And Purchase Agreement Hong Kong

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i. that were disclosed in the agreement; or ii. Those that are known to the buyer or that could have been recognized by an appropriate examination of the property. A formal sales contract should be drawn up by a lawyer on the basis of the interim agreement. It contains more detailed terms to replace the provisional agreement. You can include any special conditions you wish, unless they are contrary to the corresponding regulations or contrary to the terms of the interim purchase and sale agreement. Following preliminary negotiations and an agreement between the two parties on a price, a legally binding “interim agreement” between the buyer and the seller is drawn up and concluded. It must be respected and, if it is not replaced by a formal sales contract within the agreed time frame, it can be used for the rest of the transaction or for compensation for infringement. A first down payment is usually paid at the signing. The Land Registry is the public registry of the property.

It shows the ownership indications of each property and all charges recorded against the property, such as legal charges, authorizations, sales and sales contracts and court decisions. The land registry is held by the land registry. The Land Registry is available online at: Formal GSB is normally registered within 14 days of signing the pre-agreement. This offers benefits of tax on time stamps. If the parties fail to agree on the terms of the formal agreement and the provisional agreement is binding, the parties may decide not to enter into a formal agreement. As a general rule, each party bears and pays its own trial costs and the buyer pays the full stamp duty. The real estate broker/agent arranges for the listing and display of the property. He/she also helps the seller and buyer negotiate essential terms for the sale and purchase. The real estate broker/agent proposes a standard interim agreement (which can be verified and commented on by a lawyer) that can be signed by the parties to seize such key conditions. He/she also assists buyers in areas such as handing over keys and visiting the property, when the empty property must be delivered after completion. Real estate brokerage/brokerage fees are usually charged with a normal price of 1% of the purchase price, but this is ready to negotiate. As a general rule, fees must be paid by both the seller and the buyer.

There are no specific requirements or restrictions for non-resident businesses and individuals to hold or lend to real estate (including shares of companies that own real estate) in Hong Kong. Foreigners are allowed to acquire real estate directly. Non-Hong Kong persons are subject to payment of ad valorem stamp Duty (AVD) and stamp duty buyer (BSD). Under the Basic Law, no exchange control policy is applied in Hong Kong. If one of the parties does not conclude the sale or purchase, the defaulting party must pay stamp duty or refund the innocent party who paid the same thing. The special conditions agreed between the parties must be specified in the agreement, z.B if the purchase price contains a list of furniture or if the seller allows the buyer to enter the property before the completion of the decoration, or if the seller or buyer must bear the costs of repairing/renovating public spaces or facilities required by an order/notification issued by the competent authority or registered owners before completion. Although the real estate agent or buyer can verify the above information through a real estate search (if the charges are listed on the land registry), it is in your best interest to disclose all charges and negotiate with the buyer in order to avoid subsequent disputes that could hinder the sale process.

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