Formal Agreement Hkex

The parties know that the property is currently subject to the specific mortgage mentioned in the formal agreement. The seller undertakes that the seller, after or before the conclusion of the sale and purchase of the property, pays the mortgage the amount necessary to obtain the release of the property, so that the property is allocated to the buyer freely of that mortgage. The seller`s lawyers have written or have already written to the lender the amount to be paid to obtain an unblocking of the property. All stamp duty payable under the provisional agreement, formal agreement and subsequent transfer is paid by the purchaser. In the event that the price indicated in one of these documents is not accepted by the stamp collector as the actual consideration of the property, the additional stamp duty, calculated by the collector on the receipts of the stamp according to his assessment of the property, is also borne and paid by the buyer. 1 The existing right to benefit is generally expressly excluded in the interim agreement. (See also Chapter 2, paragraphs 11 and 12. The details of the property are defined in the formal agreement. A search of the land registry will reveal the description of the land according to the land registry, including the same portion of undivided land, the number of the land on which the land is located and the postal address of the land. An example of a description of the property that appears in a formal agreement may be: “All That 1/1,000th equal undivided part or share of and in Section A of Inland Lot No.1234 set with the exclusive right to the use occupation and enjoyment of All That Flat A on the 8th Floor of Block 8 of Lucky Garden, 8 Luck Street, Hong Kong.” If the price includes parking or a flat roof or roof, this is a part of the property and must be clearly stated 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. If the buyer insists on a requirement that the seller cannot resolve, the seller is free to have the sale cancelled by a declaration to the buyer. B, for example, a delay of at least seven days after the written termination.