April 11th, 2021 at 6:08 PM by admin

The price and method of payment are indicated in the formal agreement. Where a party is not completed under the formal agreement, the other party may argue for the concrete implementation of the agreement instead or in addition to a claim for compensation against the defensian party. 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. Following preliminary negotiations and an agreement between the two parties on a price, a legally binding “interim agreement” between the buyer and the seller is drawn up and concluded. It must be respected and, if it is not replaced by a formal sales contract within the agreed time frame, it can be used for the rest of the transaction or for compensation for infringement. A first down payment is usually paid at the signing. If the buyer is not concluded in accordance with the formal agreement, the seller must take the following corrective action: At the time of completion, the buyer hands over the balance of the purchase price against proof of properly executed assignment (also known as the deed of transfer).

All other title deeds and access opportunities (for example. B the key) are delivered to the buyer, unless the property is purchased by a mortgage, in which case the title deeds are made available to the buyer`s mortgage. 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. The Land Registry is the public registry of the property. It shows the ownership indications of each property and all charges recorded against the property, such as legal charges, authorizations, sales and sales contracts and court decisions. The land registry is held by the land registry. The land registry can be accessed online at: www2.iris.gov.hk/eservices/searchlandregister/search.jsp additional down payment – it is usually payable to the seller at the time of signing a formal purchase and sale agreement (“formal agreement”) on a date or before a specific date (normally the first deposit and the additional deposit will add up to 10% of the price). However, if the property is in negative equity, the subsequent deposit should be made with the seller`s lawyers as representatives of interest to protect the buyer. Title deeds exclusively on the property are delivered to the buyer. The completion date and completion date are specified in the formal agreement.

Completion time is usually between 9 a.m. and 5 p.m., if the completion date falls on Monday to Friday or between 9 a.m. and 1 p.m. if it falls on a Saturday. Immediately after the signing of the formal agreement, the property is at the buyer`s risk. The provisional agreement is often submitted by a real estate agent and must at least contain the following: The judgment of the above case also revealed that if the provisional agreement contains a clause such as “at the signing of the formal sale contract, another $X must be paid”, then the buyer may not be obliged to pay the additional down payment if the subsequent formal contract is not signed.