The Provisional Agreement is a crucial document in Hong Kong's real estate transaction process, serving as the initial binding contract between property vendors and purchasers. It is typically prepared following successful price negotiations and precedes the formal Sale and Purchase Agreement. This document captures essential transaction details including property particulars, price, payment terms, completion date, and any special conditions. While provisional in nature, it creates legally binding obligations and usually requires the purchaser to pay an initial deposit (typically 3-5% of the purchase price). The document must comply with Hong Kong legal requirements and market practices, particularly those set out in the Estate Agents Ordinance and Conveyancing and Property Ordinance. It forms the basis for solicitors to prepare the subsequent formal Sale and Purchase Agreement.
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1. Parties: Identification of the Vendor and Purchaser with their full names, ID/passport numbers, and addresses
2. Background: Brief context of the transaction and confirmation that the Vendor is the legal owner of the property
3. Definitions: Key terms used in the agreement including 'Property', 'Purchase Price', 'Initial Deposit', 'Further Deposit', and 'Completion Date'
4. Property Details: Detailed description of the property including address, floor area, parking spaces if any, and registration particulars
5. Purchase Price and Payment Terms: Total consideration and payment schedule including deposits and completion payment
6. Completion: Completion date, time, and location, and obligations of parties upon completion
7. Property Inspection: Confirmation that the Purchaser has inspected the property and accepts its condition
8. Representations and Warranties: Basic warranties regarding property ownership and Vendor's authority to sell
9. Stamp Duty: Obligations regarding payment of various stamp duties (AVD, BSD, SSD if applicable)
10. Default Provisions: Consequences of default by either party and forfeiture/compensation terms
1. Existing Tenancy: Required when the property is sold subject to an existing tenancy, detailing tenant rights and rental terms
2. Mortgage Status: Required when the property has an existing mortgage that needs to be discharged
3. Car Park: Required when the sale includes parking space(s), specifying details and terms
4. Furniture and Fittings: Required when the sale includes specific furniture or fittings, listing included items
5. Special Conditions: Required for any special arrangements or conditions specific to the transaction
6. Agency Provisions: Required when property agents are involved, detailing commission arrangements
1. Schedule 1 - Property Details: Detailed property information including lot number, floor plan reference, and exact measurements
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and due dates
3. Schedule 3 - Included Items: List of furniture, fittings, and other items included in the sale (if applicable)
4. Appendix A - Property Floor Plan: Copy of the floor plan showing property boundaries and dimensions
5. Appendix B - Recent Land Search: Copy of recent land search results showing current ownership and encumbrances
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