Provisional Sale & Purchase Agreement
Provisional sale and purchase agreements are common in Hong Kong in the property market. It is a legal, binding contract and contains all pertinent information relating to the sale of a property.
These agreements are used between a seller and a potential buyer on a purchase of property once a negotiated price is agreed upon. It is an agreement for one party to sell the property to another party. If one party cannot sign the agreement, the other party has the right to proceed anyway or sue the other party for compensation.
A provisional sale and purchase agreement is a binding agreement. The agreement contains the names of the vendor, or seller, and purchaser. It also contains both parties' addresses and Hong Kong Identity Card numbers.
This agreement details the property address, the price of the property, deposit amount, manner of payment and delivery date of vacant property. It also includes many clauses stating the terms and conditions of the agreement, including liability issues, default policies and the estate agent’s commission.