The Provisional Agreement For Sale And Purchase (PASP) is a fundamental document in Hong Kong property transactions, serving as the first formal step in the property transfer process. This document is typically used immediately after a verbal agreement is reached between the vendor and purchaser, and before the formal Sale and Purchase Agreement is prepared by solicitors. The PASP includes essential information such as party details, property specifications, purchase price, payment schedule, completion date, and other key terms. While provisional in nature, it is legally binding under Hong Kong law and usually requires the purchaser to pay an initial deposit (typically 3-5% of the purchase price). The document provides protection for both parties and sets out the timeline for the subsequent steps in the transaction, including the signing of the formal agreement and completion. It must comply with various Hong Kong ordinances, including the Conveyancing and Property Ordinance and the Stamp Duty Ordinance.
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1. Parties: Identification of the Vendor and Purchaser with full legal names, ID/passport numbers, and addresses
2. Background: Brief context of the transaction and property ownership status
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, and other relevant terms
4. Property Details: Full legal description of the property including address, lot number, and registered details
5. Purchase Price: Agreed purchase price and payment schedule including initial deposit, further deposit, and balance payment
6. Payment Terms: Detailed breakdown of payment schedule, payment methods, and banking details
7. Completion: Completion date, time, and location, including provisions for delayed completion
8. Property Inspection: Confirmation of property inspection by purchaser and current condition acceptance
9. Vendor's Obligations: Responsibilities of the vendor including delivery of vacant possession and documentation
10. Purchaser's Obligations: Responsibilities of the purchaser including payment and documentation requirements
11. Stamp Duty: Provisions regarding payment of stamp duty and other applicable taxes
12. Default Provisions: Consequences of default by either party
13. Formal Sale and Purchase Agreement: Provisions regarding the preparation and execution of the formal agreement
14. Governing Law: Confirmation of Hong Kong law as governing law
15. Execution: Signature blocks for all parties and witnesses
1. Existing Tenancy: Details of any existing tenancy agreement if the property is currently leased
2. Mortgage Status: Details of existing mortgage if the property is mortgaged, to be included when relevant
3. Car Parking Space: Details of any included parking space when applicable
4. Furniture and Fittings: List of included furniture and fittings when being sold furnished
5. Estate Agent Commission: Commission details when a property agent is involved
6. Special Conditions: Any special conditions specific to the transaction
7. Building Management: Details of building management fees and special fund contributions if applicable
8. Warranties: Additional warranties for new properties or specific features
1. Schedule 1 - Property Details: Detailed property information including floor plan and dimensions
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms and dates
3. Schedule 3 - Inventory List: List of furniture and fittings included in the sale if applicable
4. Schedule 4 - Existing Defects: List of known defects or damage to the property if any
5. Appendix A - Floor Plan: Copy of the property floor plan
6. Appendix B - Land Search: Recent land search document showing title details
7. Appendix C - Identification Documents: Copies of parties' identification documents
8. Appendix D - Estate Agency Agreement: Copy of estate agency agreement if applicable
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