1988 Ed.]
Conveyancing and Property
[CAP. 219
33
discharged by the purchaser. All such rents, profits and outgoings shall, if necessary, be apportioned between the vendor and the purchaser and paid on completion.
2. INSURANCE
(1) As from the date of this agreement, the vendor shall hold in trust for the purchaser the benefit of any existing policy of insurance relating to the property.
(2) The vendor does not warrant that any or any adequate policy of insurance exists relating to the property or, if any such policy exists, that it will be renewed on expiration.
(3) The vendor shall, if required, and at the expense of the purchaser obtain or consent to an endorsement of notice of the purchaser's interest on the policy of insurance relating to the property and in such case the vendor (keeping such policy in force) may require the purchaser to pay on completion a proportionate part of the premium from the date of this agreement.
3. CONDITION OF PROPERTY
The purchaser purchases with full knowledge of the physical condition of the property and takes it as it stands.
4. EASEMENTS, RIGHTS AND LIABILITIES
(1) The vendor warrants that the property is not adversely affected by any easement, right, privilege or liability of which he is aware or could have ascertained on reasonable inquiry other than-
(a) those disclosed in this agreement; or
(b) those of which the purchaser is aware or could have ascertained on reasonable inspection of the property.
(2) Subject to subclause (1), the property shall be conveyed subject to all easements, rights, privileges and liabilities adversely or beneficially affecting it.
5. TENANCIES
(1) This condition applies if the property is sold subject to any tenancy and shall have effect notwithstanding any partial or incomplete reference in the agreement to any tenancy.
(2) Full particulars of all tenancies not vested in the purchaser having been furnished to him, the purchaser shall be deemed to purchase with full knowledge thereof and shall take the property subject to the rights of the tenants thereunder or by reason thereof.
(3) The vendor gives no warranty as to the amount of rent lawfully recoverable from any tenant, as to the effect of any legislation in relation to any tenancy or as to compliance with any legislation affecting the same.
(4) The vendor shall inform the purchaser of any change in the disclosed terms and conditions of any tenancy.
(5) If a tenancy subject to which the property is sold terminates for any reason, the vendor shall inform the purchaser and, on being indemnified by the purchaser against all consequential loss, expenditure or liability, shall act as the purchaser directs.
(6) Subclauses (4) and (5) shall not entitle the vendor to agree to, or permit, any change in the terms and conditions of any tenancy or its termination.
6. ERRORS, OMISSIONS AND MISSTATEMENTS
(1) No error, omission or misstatement herein or in any plan furnished or any statement made in the course of the negotiations leading to the contract shall annul the sale or entitle the purchaser to be discharged from the purchase.
(2) Any such error, omission or misstatement shown to be material shall entitle the purchaser to proper compensation, provided that the purchaser shall not in any event be entitled to compensation for matters falling within clause 3 or 5(3) hereof.
(3) No immaterial error, omission or misstatement (including a mistake in any plan furnished for identification only) shall entitle either party to compensation.
(4) Subclause (1) shall not apply where compensation for any error, omission or misstatement shown to be material cannot be assessed nor enable either party to compel the other to accept or convey property differing substantially (in quantity, quality, tenure or otherwise) from the property agreed to be sold if the other party would be prejudiced by the difference.
(5) The Misrepresentation Ordinance (Cap. 284) applies to this agreement.
1988 Ed.]
Conveyancing and Property
[CAP. 219
33
discharged by the purchaser. All such rents, profits and outgoings shall, if necessary, be apportioned between the vendor and the purchaser and paid on completion.
2.
INSURANCE
(1) As from the date of this agreement, the vendor shall hold in trust for the purchaser the benefit
of any existing policy of insurance relating to the property.
(2) The vendor does not warrant that any or any adequate policy of insurance exists relating to the
property or, if any such policy exists, that it will be renewed on expiration.
(3) The vendor shall, if required, and at the expense of the purchaser obtain or consent to an endorsement of notice of the purchaser's interest on the policy of insurance relating to the property and in such case the vendor (keeping such policy in force) may require the purchaser to pay on completion a proportionate part of the premium from the date of this agreement.
3.
CONDITION OF PROPERTY
The purchaser purchases with full knowledge of the physical condition of the property and takes it as it stands.
4.
EASEMENTS, RIGHTS AND LIABILITIES
(1) The vendor warrants that the property is not adversely affected by any casement, right, privilege or liability of which he is aware or could have ascertained on reasonable inquiry other than-
(a) those disclosed in this agreement; or
(b) those of which the purchaser is aware or could have ascertained on reasonable inspection
of the property.
(2) Subject to subclause (1), the property shall be conveyed subject to all casements, rights,
privileges and liabilities adversely or beneficially affecting it.
5.
TENANCIES
(1) This condition applies if the property is sold subject to any tenancy and shall have effect
notwithstanding any partial or incomplete reference in the agreement to any tenancy.
(2) Full particulars of all tenancies not vested in the purchaser having been furnished to him, the purchaser shall be deemed to purchase with full knowledge thereof and shall take the property subject to the rights of the tenants thereunder or by reason thereof.
(3) The vendor gives no warranty as to the amount of rent lawfully recoverable from any tenant, as to the effect of any legislation in relation to any tenancy or as to compliance with any legislation affecting the same.
(4) The vendor shall inform the purchaser of any change in the disclosed terms and conditions of
any tenancy.
(5) If a tenancy subject to which the property is sold terminates for any reason, the vendor shall inform the purchaser and, on being indemnified by the purchaser against all consequential loss, expenditure or liability, shall act as the purchaser directs.
(6) Subclauses (4) and (5) shall not entitle the vendor to agree to, or permit, any change in the
terms and conditions of any tenancy or its termination.
6. ERRORS, OMISSIONS AND MISSTATEMENTS
(1) No error, omission or misstatement herein or in any plan furnished or any statement made in the course of the negotiations leading to the contract shall annul the sale or entitle the purchaser to be discharged from the purchase.
(2) Any such error, omission or misstatement shown to be material shall entitle the purchaser to proper compensation, provided that the purchaser shall not in any event be entitled to compensation for matters falling within clause 3 or 5(3) hereof.
(3) No immaterial error, omission or misstatement (including a mistake in any plan furnished for
identification only) shall entitle either party to compensation.
(4) Subclause (1) shall not apply where compensation for any error, omission or misstatement shown to be material cannot be assessed nor enable either party to compel the other to accept or convey property differing substantially (in quantity, quality, tenure or otherwise) from the property agreed to be sold if the other party would be prejudiced by the difference.
(5) The Misrepresentation Ordinance (Cap. 284) applies to this agreement.
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