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Co Purchase Agreement

Co Purchase Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Co Purchase Agreement

"I need a Co Purchase Agreement for three family members jointly purchasing a residential property in Hong Kong, with unequal ownership shares (40%, 35%, 25%) and specific provisions for future buy-out rights if any party wishes to exit."

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Document background
The Co-Purchase Agreement is essential when two or more parties wish to jointly purchase property in Hong Kong. This document becomes particularly relevant in scenarios such as family members pooling resources to buy property, friends investing together in real estate, or businesses establishing shared property ownership. The agreement addresses crucial aspects such as ownership proportions, financial contributions, property management, decision-making processes, and exit strategies. It must comply with Hong Kong's property laws, including the Conveyancing and Property Ordinance (Cap. 219) and Land Registration Ordinance (Cap. 128). The document helps prevent future disputes by clearly defining each party's rights, responsibilities, and obligations, while also providing mechanisms for conflict resolution and property disposition.
Suggested Sections

1. Parties: Identification of all co-purchasers, including full legal names, addresses, and identification numbers

2. Background: Context of the co-purchase arrangement, including the property details and purpose of the agreement

3. Definitions: Key terms used throughout the agreement, including Property, Completion Date, Purchase Price, and Share Proportion

4. Purchase Price and Contributions: Details of the total purchase price and each party's contribution amount and payment schedule

5. Ownership Structure: Specification of ownership shares and type of co-ownership (tenants in common with specific shares or joint tenants)

6. Property Usage and Management: Rules governing the use, maintenance, and management of the property

7. Decision Making: Process for making decisions regarding the property, including required majority or unanimous consent

8. Expenses and Outgoings: Allocation of ongoing costs including mortgage payments, utilities, maintenance, and property taxes

9. Default and Remedy: Consequences and procedures in case of default by any co-purchaser

10. Sale or Transfer of Interest: Procedures and restrictions for selling or transferring ownership interests

11. Dispute Resolution: Process for resolving disputes between co-purchasers

12. Termination: Circumstances and procedures for terminating the agreement

13. Governing Law: Specification of Hong Kong law as governing law and jurisdiction

Optional Sections

1. Mortgage Arrangements: Include when the purchase involves a mortgage, detailing the mortgage terms and co-purchasers' responsibilities

2. Occupation Rights: Include when co-purchasers have different rights to occupy the property

3. Rental Income: Include when the property may be rented out, detailing income distribution

4. Death or Incapacity: Include when parties want specific arrangements for succession or incapacity

5. Property Improvements: Include when parties anticipate making significant improvements to the property

6. Buy-out Provisions: Include when parties want pre-agreed terms for one party buying others out

7. Insurance Requirements: Include when specific insurance arrangements are needed beyond standard coverage

Suggested Schedules

1. Property Details: Detailed description of the property including address, lot number, and registered details

2. Contribution Schedule: Detailed breakdown of each party's financial contributions

3. Ownership Proportions: Specific percentages or fractions of ownership for each co-purchaser

4. Expense Allocation: Detailed breakdown of how different types of expenses will be shared

5. Management Rules: Detailed rules for property management and maintenance

6. Valuation Methodology: Agreed method for property valuation in case of future sale or buy-out

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Banking & Finance

Legal Services

Property Development

Property Management

Investment Services

Financial Services

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Investment

Corporate Secretarial

Risk Management

Relevant Roles

Real Estate Lawyer

Property Manager

Legal Counsel

Conveyancing Solicitor

Compliance Officer

Real Estate Agent

Mortgage Advisor

Investment Manager

Property Investment Consultant

Legal Director

Company Secretary

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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