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 of a claim by third parties against the property or before completion, the seller shall immediately reimburse the buyer for all deposits paid and, without prejudice to the buyer`s right to demand from the seller all damages suffered by the buyer due to the seller`s inability to conclude the sale in accordance with the terms of the formal agreement. The land register is the register of public property. It shows the ownership details of each property and all charges recorded against the property, such as legal fees, releases, sales contracts and court decisions. The cadastre is maintained by the cadastre. The cadastre can be confiscated online at the following address: www2.iris.gov.hk/eservices/searchlandregister/search.jsp deeds relating exclusively to the property are given to the buyer. If one party is not concluded in accordance with the formal agreement, the other party may require the specific performance of the formal agreement, either in lieu of or in addition to a claim for damages against the defaulting party. Under the Stamp Duty Regulation (Cap.117) (SDO), the seller and/or buyer may be held liable for the payment of DSAs, BSDs and SSDs for the acquisition and disposal of housing. Payments from AVD, BSD and SSD are not mutually exclusive. If stamp duty is paid on the sales contract, HK$100 stamp duty must be paid on the assignment. These are defined in the formal agreement. Each party shall bear the costs of its lawyer and the ancillary costs of the formal agreement and subsequent assignment.
The contract for the sale of the residential property is subject to stamp duty. Rates vary with the amount or value of the consideration. Click on the following links for more information or online services. Selling a residential property requires work that can have a stressful experience. Here you will find information and indications to smooth the sales process. General elements of a sales contract (SPA) If the buyer is not concluded in accordance with the formal agreement, the seller is assisted by the following remedies: a formal sales contract should be drawn up by a lawyer on the basis of the preliminary agreement. It contains more detailed conditions and is intended to replace the provisional agreement. . . .