New Owners - Fees

Posted by grasshopper (289 days ago)

Hello again,

Can anyone help me with an explaination of some fees when you purchase a property. What are:
Legal Fees for Sale and Purchase Agreement
Legal Fees for Assignment
Legal Fees for Mortgage

And any ballpark figure on how much I can expect to pay for these? Back home they would total about $5000HK.

Also, is the management fee on a quarterly basis or does it depend on the building? And how mcuh are people paying for Government Rates and how often are they?

Do many people pass these onto their tenants as I notice that lost of advertisments have them listed with 0 next to them.

Many thanks for your input.

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Posted by Saikunga (289 days ago)

You will pay about 5% of your sale price in fees as described above + legal fees. They are a percentage of the sale price.

Government rates depends on the amount of land you have - we pay about $5,000 a quarter.

Inclusive rent means you the landlord include the rates etc in the rent as part of your outgoings, exclusive means you have the tenant pay these fees, your rent would be lower to reflect this.

Posted by Christian_Moore (289 days ago)

Grasshopper

You will NOT pay 5% of sale price in legal fees, that is far too high, anyone paying that is nuts. I have just bought somewhere and the legal fees will be 0.1%

Regards

Christian

Posted by Saikunga (289 days ago)

If you read my post I said you would pay about 5% for all fees - government fees etc + legal fees. Not just the legal fees.