If more specific risks are identified during due diligence, they are likely to be covered by appropriate compensation in the sales contract, under which the seller promises to reimburse the buyer a book base for compensation liability. The sales contract is one of the most important documents in the life of an owner`s business. This is why it must be treated with care and rigour, with legal experts guiding both the seller and the buyer. The details of the property are defined in the formal agreement. A search of the land registry will reveal the description of the land according to the land registry, including the same portion of undivided land, the number of the land on which the land is located and the postal address of the land. An example of a description of the property that appears in a formal agreement may be: „All That 1/1,000th equal undivided part or share of and in Section A of Inland Lot No.1234 set with the exclusive right to the use occupation and enjoyment of All That Flat A on the 8th Floor of Block 8 of Lucky Garden, 8 Luck Street, Hong Kong.“ If the price includes parking or a flat roof or roof, this is a part of the property and must be clearly stated in the formal agreement. The ownership requirement must be imposed on the seller`s lawyers within a specified period of time, usually within seven business days of the buyer`s receipt of ownership decisions, otherwise the buyer is deemed accepted. All stamp duty payable under the provisional agreement, formal agreement and subsequent transfer is paid by the purchaser. In the event that the price indicated in one of these documents is not accepted by the stamp collector as the actual consideration of the property, the additional stamp duty, calculated by the collector on the receipts of the stamp according to his assessment of the property, is also borne and paid by the buyer. The seller will declare that the seller`s lawyers are the seller`s representatives to receive all the money to be paid to the seller and that the payment of the money to the representative is a sufficient performance of the buyer`s payment obligations in accordance with the formal agreement. The seller undertakes to prove and title and to lend the property at his own expense and makes copies of documents on invoice that must be provided in accordance with page 13 of the Transportation and Property Regulations.