Property Sale and Purchase Contract
(房屋买卖合同)
This Sale and Purchase Contract (the “Sale Contract” or this “Contract”) is entered into this ____ day of May, 2006:
BY AND BETWEEN
The Seller:
Legal Representative: Wang Xialin
Address:
Tel:
Buyer:
Passport No.:
Address:
Tel:
Each of Seller and Buyer is individually referred to herein as a “Party” and collectively referred to herein as the “Parties”.
RECITALS
WHEREAS, Seller is the owner of the property of 14D, Building 3, Park View Tower; Seller desires to sell to Buyer, and Buyer desires to acquire from Seller, the entire ownership of the property and its associated granted land use right (the “Property”, as defined more specifically in Article 2 of this Sale Contract);
NOW, THEREFORE, after friendly negotiations and in consideration of the Property and the mutual covenants contained herein, the Parties hereby agree as follows:
Article I Representations, Warranties and Covenants
1.1 Seller hereby represents and warrants that Seller is the duly registered owner of the Property and possesses the complete beneficiary ownership rights to the Property. The Property is free from any encumbrance, including but not limited to mortgages and any other third party’s interest and/or other debt disputes.
1.2 Seller shall transfer the Property and its title deeds to Buyer in accordance with the terms of this Contract.
Article II The Property
1.1 The Property is located at ___________________________________, Beijing. The Property Ownership Certificate No.: __________________, the Gross Floor Area of the Property is ______________ square meters. The Land Use Right Certificate No.: ________________, the Land Use Right Area is __________square meters with an expiration date of ___________.
Article III Purchase Price
Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller the Property at an aggregate price of RMB ______________ (“Purchase Price”).
Article IV Payment Method and Title Transfer Procedure
1.1 Any payment of the Purchase Price under this Contract shall be made in RMB by Buyer in accordance with this Contract. Any bank fees or charges incurred due to the payment should be borne by Buyer; any bank fees or charges incurred due to the receipt of the payment imposed by the Seller’s Bank should be borne by Seller. Seller’s designated Bank Account is described below:
Bank name:
Account name:
Account No: 204009978
1.2 Both Seller and Buyer appoint and fully authorize XXXX Law Firm (the “Lawyer”) to apply for the transfer of the title deeds of the Property and pay relevant taxes and fees and to take any other action and sign any document necessary to complete the above transfers promptly.
1.3 Within three (3) working days after the execution of this Contract, Buyer shall pay to Seller, as an advance payment, fifty percent (50%) of the Purchase Price, i.e. RMB ____________ (the “Advance Payment”).
1.4 Buyer shall pay, as the remaining payment, the other fifty percent (50%) of the Purchase Price, i.e. RMB ___________ (the “Remaining Payment”), by applying for the second hand property mortgage loan from the Bank (the “Bank”). The Bank sould directly pay all mortgage loan to Seller’s bank account as described above.
1.4.1 Within ten (10) working days after the execution of this Contract, Buyer shall sign the mortgage loan agreement and other relevant documents with the Bank, and get approval from the bank with respect to the mortgage loan application for the Remaining Payment. Buyer shall hand over the photocopies of the above-mentioned documents to the Lawyer.
1.4.2 Within ten (10) working days after the execution of this Contract, both Parties and the Bank shall sign a tri-party agreement (the “Tri-party Agreement”) in which the Bank agrees to release the loan (equivalent to the Remaining Payment) to Seller’s account directly. Buyer shall hand over the photocopy of the Tri-party Agreement to the Lawyer.
1.4.3 After Seller confirms the receipt of the Advance Payment, and upon receipt by the Lawyer of all of the documents and taxes and fees from both Parties as described in Article 6 and Article 7 of this Contract, and within three (3) working days after the documents mentioned in Article 4.4 above are provided to the Lawyer, Lawyer shall submit the transfer application (with all necessary supporting documents) of the Property Ownership Certificate to Beijing Construction Committee Real Estate Exchange Center (the “Center”). Within three (3) working days after the transfer of the Property Ownership Certificate is completed, Lawyer shall submit the transfer application (with all necessary supporting documents) of the Land Use Right Certificate to Beijing Land & Resource Bureau.
1.4.4 After the Property Ownership Certificate and the Land Use Right Certificate are transferred to Buyer, and after Lawyer receives all the original certificates, Lawyer shall provide to the Bank with these certificates in accordance with the terms of the Tri-party Agreement. The bank, who will apply for the mortgage registration of the Property, shall release the loan (Remaining Payment) directly to Seller once the mortgage registration is completed.
1.4.5 In case that the Bank has not approved the drawdown of the loan or the loan paid to Seller is less than the Remaining Payment within two (2) months after Lawyer provides the Property Ownership Certificate and the Land Use Right Certificate to the Bank, Buyer agrees to make full payment of the Remaining Payment within five (5) working days after the above-mentioned two (2) months period expires.
Article V Taxes and fees
Except as otherwise provided therein, each Party shall be responsible for and shall pay all taxes and fees resulting from or payable in connection with the transactions contemplated in this Contract as are imposed upon such Party by PRC Law.
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