The mission of a provisional real estate contract is to define the general terms of sale agreed by the buyer and seller. The contract is signed by both parties and determines how the conclusion takes place, i.e. the actual sale and transfer of ownership of the property. A down payment is required when the pre-contract is signed. This is again an important event and, in fact, it is the first financial commitment requested by the buyer. The security deposit usually represents 10% of the final sale price for the purchase of an old home and cannot exceed 5% of the retail price for the purchase of a new property. The amount of the deposit is left to the discretion of the buyer and seller and can be adjusted depending on the case. As a general rule, each party bears and pays its own trial costs and the buyer pays the full stamp duty. The name, address of the credit owner, Hong Kong ID card number or other identification documents are indicated in order to correctly identify the credit carrier. Real estate agents should check the Hong Kong Identity Card or the seller`s identification document using the name of the owner registered for the property in the land registry to ensure that the seller is the registered owner before ordering the seller to sign the agreement. (If the seller is a limited company, the name, registration number of the company and the head office of the corporation must be listed.) At Stornelli Law Firm, we offer support throughout the buying and selling process, from negotiating all PSPA terms to the closing exchange, based on the specific needs of our clients and without them being physically present at every stage of the process. When preparing a temporary real estate contract, the buyer generally wants a provision allowing him to forego closing the deal without penalty if he cannot obtain adequate financing for the property.
Sellers prefer to negotiate with a potential buyer who is previously authorized for a home mortgage. A SPA can also be used as a contract for renewable purchases, such as . B a monthly delivery of 100 widgets purchased monthly over the course of a year. The purchase price/sale price can be set in advance, even if delivery is interrupted at a later date or distributed at a later date. SPAs are set up to help suppliers and buyers predict demand and costs, and they become more critical as transaction sizes increase. Before a transaction can take place, the buyer and seller negotiate the price of the item for sale and the terms of the transaction. The G.S.O. is a framework for the negotiation process. The SPA is often used when buying a major purchase, such as a . B a lot, or frequent purchases over a period of time.
Unless otherwise stated, a purchase and sale agreement stipulates that the property is sold empty (“libero da persone e cose,” which means “free of people and things”). The seller must provide the buyer with the property without damage after completion, unless the seller and buyer expressly agree otherwise in the interim agreement. It is the seller`s duty to ensure that all residents withdraw from the dwelling and that furniture and electrical appliances that are not sold with the property are removed from the dwelling at or before completion. If the property is sold for rent, it should be expressly stated in the interim agreement and no free detention is delivered to the purchaser.