Sales information sheet

Licensed property agents must provide the purchasers with a sales information sheet related to the uncompleted properties situated outside Hong Kong (“UPOH”) prepared or approved by the vendor before the purchasers 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). The sales information sheet on UPOH should include the information below:

1. Basic Information on the development

  • Address (e.g. name of street and number)
  • Location
  • Tenure
  • Current Owner
  • Vendor (if different from owner)
  • Development permit or approval number(s)

2. Property Details

  • Description
  • Area
  • Tenure
  • Estimated handover date
  • Final handover deadline
  • A copy of the approved floor plan

3. Payments

  • Purchase Price
    • Payment schedules and amounts
    • Payment to whom and the capacity of recipient(s)
    • Whether there is any stakeholder arrangement for the payments, and if so, details of the arrangement
  • Fees and expenses incidental to the purchase of the property
    • Types (e.g. stamp duties, solicitor fees, agency fees)

4. Cooling-off Period

  • Whether there is any cooling-off period, and if so, length of the period;
  • Whether any funds paid are refundable during the cooling-off period, and if so, the amount of such refund.

5. Defect Liability Warranty Period

  • Whether there is any defect liability warranty period during which the vendor is liable to make good any defect in the property;
  • And if so, length of the warranty period.

6. Financial Incentives

  • Whether any financial incentives (e.g. guarantees on rental yield) is offered in connection with the purchase of the property;
  • And if so, the following information:
    • by whom;
    • when (e.g. upon completion of purchase) and how (e.g. discount on the price) will the incentives be honored; and
    • whether the incentives to be offered will be incorporated into any agreement (e.g. agreement for sale and purchase).

7. Legal & Interpretation Service

  • 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;
  • And if so, whether the foreign lawyer acts for (a) the vendor only; (b) the purchasers only; or (c) both parties.

8. Governing Law & Dispute Resolution Venue

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

9. Documents Attached