Sales Information Sheet

Licensed property agents must provide the purchasers with a sales information sheet related to the UPOH prepared or approved by the vendor before they enter into any agreement in connection with the purchase or make any payment in relation to the purchase of the UPOH (whichever is the earlier). Estate agency companies must ensure that the sales information sheet on UPOH is prepared or approved by the vendor containing all of the information below:

1. Basic Information on the development

(a) Address (e.g. name of street and number (known or tentative))
(b) Location (including for example, city, district and town, etc.). If a map or plan is provided showing the location of the UPOH, it should be drawn to scale
(c) Current owner
(d) Vendor (if different from owner)
(e) Developer (if different from vendor) and its relationship with the vendor (such as, whether it is a member of the same group of companies of which the vendor is also a member; whether both the vendor and the developer are beneficially owned by the same third party; and/or the percentage shareholding one holds in the other, etc.)
(f) Development permit or approval number(s) and the issuing authority
(g) Permitted user (e.g. for residential, commercial, or industrial purpose) and user restriction (if any)

2. Property Details

(a) Description
(b) Area (with clear definition as to what is included in the area)
(c) Freehold or leasehold (if leasehold, term of the lease enjoyable by the property)
(d) Estimated handover date
(e) Final handover deadline
(f) A copy of the approved floor plan

3. Payments

(a) Purchase price

(i) Payment schedules and amounts
(ii) Payment to whom and the capacity of recipient(s)
(iii)Whether there is any stakeholder arrangement to safe-guard the payments, and if so, details of the arrangement

(b) Types of fees and expenses incidental to the purchase of the property (e.g. stamp duties, solicitor fees, agency fees)

4. Cooling-off Period

(a) Whether there is any cooling-off period, and if so, length of the period
(b) Whether any funds paid are refundable during the cooling-off period, and if so, the amount of such refund

5. Defect Liability Warranty Period

(a) Whether there is any defect liability warranty period during which the vendor is liable to make good any defect in the property
(b) And if so, length of the warranty period

6. Financial Incentives

(a) Whether any financial incentives (e.g. guarantees on rental yield or investment return) is offered in connection with the purchase of the property

(b) And if so, the following information:

(i) by whom;
(ii) if the company/person providing the financial incentives is not the vendor of the UPOH, the financial background of such company/person (e.g. source of funds) and its relationship with the vendor, if any (such as, whether it is a member of the same group of companies of which the vendor is also a member; whether both the vendor and the company providing the financial incentives are beneficially owned by the same third party; and/or the percentage shareholding one holds in the other, etc.);
(iii) when (e.g. upon completion of purchase) and how (e.g. discount on the price) will the incentives be honored;
(iv) whether the incentives to be offered will be incorporated into any agreement (e.g. agreement for sale and purchase); and
(v) details of any assurance in respect of the financial incentives (e.g. financial guarantee insurance).

7. Legal & Interpretation Service

(a) Whether there is any arrangement in place on engaging a foreign lawyer and (if necessary) interpreter to explain the terms and conditions of purchase and attend to purchasers’ enquiries prior to the execution of the agreement for sale and purchase

(b) And if so, whether the foreign lawyer acts for

(i) the vendor only;
(ii) the purchasers only; or
(iii) both parties

8. Governing Law & Dispute Resolution Venue

(a) Governing law of the transaction
(b) Venue(s) to seek recourse in the event of dispute with the vendor

9. Warning

The following warning must be prominently stated on the sales information sheet:

“Purchasing uncompleted properties situated outside Hong Kong is complicated and contains risk. You should review all relevant information and documents carefully before making a purchase decision. If in doubt, please seek independent professional advice before making a purchase decision.”

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