Formal Sale And Purchase Agreement Hong Kong

The seller declares and confirms that no third party has any right or interest in the property. In the event that third-party claims against the property are invoked at or before completion, the seller must immediately refund to the buyer all deposits paid and, without prejudice to the buyer`s right to claim against the seller any damages suffered by the buyer as a result of the non-conclusion of the sale under the terms of the formal contract. The formal GSB is usually concluded within 14 days of the signing of the interim 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. If the real estate transaction is carried out by transfer of shares and not by transfer of assets, there is no change of registered owner who owns the property and the advantage of leases and professional income remains the same. When the property is sold as a transfer of assets under a lease agreement, the sale and sale agreement generally provides that the purchaser assumes all the rights, obligations and obligations of the existing underwriter. In addition, an innovation contract should be entered into to replace the buyer as a new owner, who will receive rental income even after the conclusion of the purchase of the property. In most cases, the seller will transfer the property as an economic beneficiary (other capabilities include agents, agents, mortgages and personal representatives). The capacity in which the creditor is to be transferred upon the subsequent transfer of the building determines the implied ownership pacts for that transfer. In short, when the seller retires as an economic owner, the implied ownership obligations are broader and more protective to the buyer than when the seller withdraws into other capacities. The seller undertakes to prove and title and to lend the property at his own expense and makes copies of documents on invoice that must be provided in accordance with page 13 of the Transportation and Property Regulations. In short, the seller must prove a good title by presenting the purchaser with title deeds from the property at least 15 years from this transaction.

For the purchaser, it is essential that the ownership of the property is not affected by major defects that hinder its commercialization. Immediately after the signing of the formal agreement, the property is at the buyer`s risk. Time is at the heart of the formal agreement (i.e. both parties strictly respect the deadlines specified in the agreement). With respect to the completion date, the court found, in several cases, that the purchaser, even though he had been a few minutes late on the balance of the purchase price at the time of completion, breached the agreement because the time frame was essentially short. If it is z.B. the completion period is indicated on December 31, 2001 at 5 p.m. or before 5 p.m., the buyer must submit to the seller the balance of the purchase price at December 31, 2001 at 5 p.m.

or before, and any delay beyond 5 p.m. contravenes the contract and may allow the seller to keep the deposits and withdraw the sale.