News Hong Kong Property & Finance

Urgent reply

ORIGINAL POST
Posted by delightful 15 yrs ago
I'm about to make an offer but I need to know who to make the 3% to.Some say to the ower's solicitor but my bank manager says to the owner.So who is right ?

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COMMENTS
sxc 15 yrs ago
It goes against convention in other countries, but in HK, all deposits are made to the owner.


I know it's risky, but it's the way things are done here.

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delightful 15 yrs ago
Thank you for your reply,sxc

I'm still confused as 2 agents told me that the check should be made out to the solicitor.

Anyone else has a answer ?

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spaceren 15 yrs ago
You need a solicitor anyway, so get one now, ask them this question and then you have a solid answer that you can rely on/sue against. (I think they will say to the seller's solicitor despite common practice to pay the owner direct)

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delightful 15 yrs ago
Thanks for your advice,spaceren

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Loyd Grossman is Miss Venezuela 15 yrs ago
You make it out to the owner's soliciitor and the solicitor then releases to the owner at different stages of the purchase - at least that's what happened when I bought my place 1 month ago. I bought a property once where I paid the owner direct and I was very nervous but it's not that much of a problem if you have paid the owner.

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delightful 15 yrs ago
Thank you LGMV and to all who replied to my post.

Eventually I made the check to the owner's solicitors as requested and told by the agent.LGMV,may I ask which solicitor you used.

Thanks

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Loyd Grossman is Miss Venezuela 15 yrs ago
Rowdget W. Young & Co, 3rd Floor, Wings Building, 110-116 Queen's Road Cenral (next to Mid-levels escalator). 25249266. Ask for Mr Leslie Fung. Very reasonable.

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associates 15 yrs ago
It is best to send the check to a solicitor's office to hold pending whatever conditions can be negotiated (held until Closing for example)...BUT often the Vendor insists that it be payable to them...this is widely accepted in HK......BUT be CAREFUL....make sure your agent or lawyer handling your purchase ensures that the person who is getting the money IS THE REGISTERED OWNER of the property.


Weir & Associates

Solicitors & Notaries

16th Floor Tak Shing House

Theatre Lane

20 Des Voeux Road Central

Central

Hong Kong

Tel : 2526-1767

Fax : 2868-3568

email : WeirLaw@HongKongLaw.com

www.HongKongLaw.com/weirlaw


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