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A Real Estate Purchase Agreement Addendum is essential when parties need to modify terms of an existing property purchase agreement in Hong Kong without drafting an entirely new contract. This document is commonly used when circumstances change between the initial agreement and completion, such as adjustments to purchase price, completion date, or property specifications. It must comply with Hong Kong's property laws, including the Conveyancing and Property Ordinance and Stamp Duty Ordinance, and requires proper execution and registration with the Land Registry when applicable. The addendum should be drafted with precision to clearly identify which terms of the original agreement are being modified while maintaining the validity of unaffected terms. It's particularly important in Hong Kong's dynamic property market where transaction terms may need adjustment due to market conditions, regulatory changes, or parties' circumstances.
