2025-05-23 28Hse Editor
Steps to Buy and Sale Property in Hong Kong - It is a normal procedures to buy and sale property but it may vary according to the type of the property.
1. Property Owner put their property in the Market for sale. This can be achieved by appointing a Sale Agency or through 28Hse.com online platform.
2. The buyer negotiates (through an agent or by themselves) with the owner about the property's price and other terms.
3. The buyer and owner sign the Provisional Agreement for Sale & Purchase. The buyer pays initial deposit (usually between 2-5% of the agreed property's price) to owner.
4. After 14 days of signing the Provisional Agreement for Sale & Purchase, the buyer and owner should sign the Sale & Purchase Agreement to replace the previous signed Provisional Agreement for Sale & Purchase. The buyer need to pay another deposit (the remainder of 10% of property's price minus the initial deposit) to the owner.
5. The Solicitor will perform the tasks of - Pay stamp duty and Registers the Sale & Purchase Agreement in the Land Registry.
6. Both parties discuss and agree on a date for completion of transaction. Usually, it depends on how long it need for the buyer to arrange the mortgage. It would be around 1 month in most of the case.
7. The purchaser's lawyer drafts the Assignment Deed (transferring ownership from vendor to purchaser) and gives a copy to the vendor's lawyer for approval.
8. The buyer inspects the property before signing the Assignment Deed to ensure that the owner abides by the terms in the Sale & Purchase Agreement.
9. Buyer and Owner sign the Assignment Deed.
10. Buyer's Solicitor (through mortgage) pays remaining amount to the Owner and the Owner need to hand over the keys and property to the buyer at the same time.
11. Whole process for the Transaction is completed.
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