provisional agreement for sale and purchase
this agreement is made on between
(1) (holder(s) of hong kong identity card(s) no(s).
and holder of certificate of availability for sale no.) of
(hereinafter called 'the vendor');
(2) (holder(s) of hong kong identity card(s) no(s).
and holder of certificate of eligibility to purchase no.) of
(hereinafter called 'the purchaser'); and
(3) (holder of business registration certificate no.) of
(hereinafter called 'the vendor’s agent') and(holder of business registration certificate no.) of (hereinafter called 'the purchaser’s agent').]or
[(3) (holder of business registration certificate no.) of (hereinafter called 'the agent').]
now it is hereby agreedas follows:
1. the vendor agrees to sell and the purchaser agrees to purchase *[through the vendor’s agent and the purchaser’s agent/the agent,] the property known as(hereinafter called 'the property') subject to the terms and conditions herein contained.
2. the purchase price of the property is hk$ which shall be paid by the purchaser to the vendor in the following manner:
(a) initial deposit of hk$ shall be paid upon signing of this agreement;
(b) further deposit of hk$ shall be paid upon signing of the formal agreement for sale and purchase on or before ; and
(c) balance of purchase price of hk$ shall be paid upon completion which should take place on or before .
3. completion shall take place on or before and the property is to be sold to the purchaser subject to clause 17 hereof but otherwise free from incumbrances.
4. upon completion, the vendor shall deliver vacant possession of the property to the purchaser.
5. the purchaser shall not sub-sell the property or transfer the benefit of this agreement, whether by way of a direct or indirect reservation, right of first refusal, option, trust or power of attorney, nomination or any other method, arrangement or document of any description, conditional or unconditional, or enter into any agreement so to do before the completion of the sale and purchase of the property.
when fixing the date of signing of the formal agreement for sale and purchase, the purchaser and vendor should refer to clause 8 below.
6. the vendor and the purchaser agree that they shall separately appoint their own solicitors.
the vendor shall be represented by and the purchaser shall be represented by .
7. each party shall bear its own legal costs. subject to clause 11 hereof, all stamp duty shall be borne by the purchaser.
8. the purchaser agrees to apply to the housing authority for a letter of nomination within one month from the date of this agreement but in any event no later than seven working days prior to the signing of the formal agreement for sale and purchase.
9. in order to enable the purchaser to apply for the letter of nomination, the vendor agrees to tender the original of the certificate of availability for sale to the purchaser or his solicitors within days from the date of this agreement but in any event no later than seven working days prior to the signing of the formal agreement for sale and purchase.
10. should the purchaser fail to obtain a letter of nomination (otherwise due to the vendor’sfailure to tender the said certificate of availability for sale pursuant to clause 9 above) before the signing of the formal agreement for sale and purchase or fail to complete the purchase in manner herein contained or fail to observe any of the terms contained in this agreement, the deposit shall be forfeited to the vendor and the vendor shall then be entitled at his sole discretion to sell the property to other eligible purchasers as he thinks fit but without prejudice to the vendor''s right to claim specific performance and damages from the purchaser.
11. should the vendor fail to tender the original of the certificate of availability for sale to the purchaser or his solicitors according to clause 9 of this agreement or fail to complete the sale in the manner herein contained or fail to comply with any of the terms of this agreement, the vendor shall forthwith return the deposit to the purchaser and shall pay to the purchaser a sum equivalent to the amount of the initial deposit as liquidated damages and shall also reimburse the purchaser with the payment of stamp duty but without prejudice to the purchaser''s right to claim specific performance and damages from the vendor.
12. in consideration of the services rendered by the vendor’s agent and the purchaser’s agent,entitled to receive hk$___________________from the vendor and the purchaser’s agent shall be entitled to receive hk$ from the purchaser as commission. such commission shall be paid on or before .
or in consideration of the services rendered by the agent, the agent shall be entitled to receive hk$ from the vendor and hk$ from the purchaser as commission. such commission shall be paid on or before .
13. if in any case either the vendor or the purchaser fails to complete the sale and purchase in the manner herein mentioned, the defaulting party shall compensate at once the vendor’s agent hk$ and the purchaser’s agent hk$ /the agent hk$ as liquidated damages.
14. the property is sold to the purchaser on an 'as is' basis.
15. this agreement supersedes all prior negotiations, representation, understanding and agreements between the parties hereto.
16. it is hereby agreed that the sale and purchase hereof shall include the chattels, furniture and fittings as set out in the remarks.
17. the purchaser acknowledges that he is purchasing the property subject to the liability for payment of premium as set out in paragraph 1 of the schedule to the housing ordinance cap.283. the vendor declares that for the purpose of calculation of the amount of premium under paragraph 1(b) of the schedule to the housing ordinance, the initial market value and the purchase price of the property are hk$ and hk$ respectively.
18. if the purchaser is more than one person, they shall hold the property as joint tenants.
19. it is hereby agreed that *[the vendor’s agent is the agent of the vendor only and the purchaser’s agent is the agent of the purchaser only/the agent is the agent for both the vendor and the purchaser/for the vendor only/for the purchaser only.]
20. it is declared by the vendor and the purchaser that they are selling and purchasing the property under the hos secondary market scheme of the hong kong housing authority and acknowledge that this agreement is subject to the terms, covenants and conditions mentioned in the schedule to the housing ordinance (cap.283) and any amendments thereto.
21. the sale and purchase hereof is also subject to the additional terms (if any) set out in the schedule hereto and in the event of any contradiction between such additional terms and the prescribed terms and provisions of this provisional agreement and the formal agreement for sale and purchase, the prescribed terms and conditions shall prevail.
22. this agreement constitutes a legally binding agreement between the parties hereto.
23. this agreement should be interpreted in its english version in case of ambiguities.
24. remarks :
schedule
additional terms
signed by the vendor :_______________________
signed by the purchaser:_____________________
signed by the vendor’s agent :______________
estate agent’s licence
(individual) no. :___________________________
signed by the purchaser’s agent
estate agent’s licence
(individuall no. :___________________________
or
signed by the agent :________________________
estate agent’s licence
individual no. :_____________________________
received from the purchaser the initial deposit of hk$ (cheque no. )