Necessary of the Provisional Sale and Purchase Agreement

Hong Kong Property  2014-12-07  #Hong Kong Property
When prospective buyers proposed takeover of a unit, consensus and relevant details on the sale of the buyers and sellers, prospective buyers require provisional sale and purchase agreement ("Pro Testament") shall be affixed to fill within a "must-buy will sell", so that the contract becomes a "must-buy will sell" agreement, in case the owners set to lose out of the deal. Acting Although the words "will buy will sell" clause, but forgot to pay the rescission of the standard terms and conditions set about removing temporary approximately within pre-printed on the additional terms.

Subsequently, the buyer receives notification of owners, that he had another estate agent and then sold the property to another buyer, and has received the deposit and signed a temporary contract. The other estate agents believe that the contract is not a "must-buy will sell", so to persuade the owners to exit the first transaction, which the estate agent's acceptance of the transaction.

The so-called rescission set standard terms relating to pay, usually including the buyers and sellers to comply with the terms of the General Terms and lose rescission clause for the buyer regret about: "If the buyer fails to fulfill the terms of the contract to complete the sale, the seller in addition to the Purchaser deposit of pay confiscation, and the right to re-sell the property to others, but the seller can no longer pursue this end any liability or require any compensation or specific performance of the contract to the buyer. "

The seller about regret: "If the seller upon payment of the initial deposit, the terms of the contract of failing to complete the sale, the seller must refund the temporary deposit in addition to the full payment of the foreign buyer, and shall be equal to the amount of compensation to the buyer but the buyer may not. seller pursue any liability, including other damages or specific performance of the contract. "

Therefore, in the above cases, there is no reason to pay provisional order within about deleting the clause, additional terms of the contract on (that is, "will buy will sell"), there is a conflict with the original terms, the additional terms (especially with additional handwritten text) there may be regarded as the two sides reflect the true wishes of the contract (Intention). In this case, the legal arguments, the court may order additional clause, depending on the clinical about a "must-buy will sell" contracts.
Disclaimer: All wordings and pictures which indicated 28HSE editor are the copyright of 28HSE LIMITED. Acknowledgement is required if other parts of this publication are used. The content is for reference only, does not constitute investment advice and it does not mean that 28HSE agreed the points. The area which show in the article is salable area if there is no special circumstances. The pictures is for reference also.

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