News Hong Kong Property & Finance

Assignment vs Sale and Purchase Agreement

ORIGINAL POST
Posted by tsuiwah 17 yrs ago
I am doing some research on property transactions and was hoping someone could explain the difference between assignment and sale and purchase agreements, as used in the following link


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Which document confirms the closing of a property purchase, if I were a buyer. Thanks.

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COMMENTS
Havefaith 17 yrs ago
What are your concerns?

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tsuiwah 17 yrs ago
thanks


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Havefaith 17 yrs ago
The first one you sign (the preliminary P & S) is already a legally binding document. You are bound by all of the terms and conditions in the preliminary - not from the time of the formal one.

In fact, equity interest in the property passes at the time of the preliminary. However, if the vendor backs out of the preliminary, you can not "make" them sell the property to you - Court can order specific performance in a property deal.


It depends on what your concerns are - before a more elaborate answer can be given.

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