Selling an apartment

Hi all,


I'll be selling a property for the first time in Hong Kong, and since i haven't had any experience as a vendor in dealing with real estate agents here in HK, any advice would be much appreciated regarding commissions, contracts etc.

Hong Kong is similar to the UK or other ‘western’ countries. An estate agent will serve either as agent for the vendor solely or act for both the vendor and purchaser. If you agree to an offer they will have you sign a Provisional/Preliminary Agreement for Sale and Purchase. An estate agent will usually charge 1% of the sale price as commission.


***Please note that although it is called “provisional or preliminary Agreement”, in Hong Kong this is a legally binding contract reflecting all of the essential terms between the parties and therefore ALL the agreed terms should be included. The parties will usually then appoint solicitors to act for them and the parties will sign the Formal Agreement for Sale and Purchase within 14 days of the Preliminary/Provisional Agreement. Usually, the sale and purchase will be completed 6 to 8 weeks after the signing of the Formal Agreement, depending on the agreement between the parties. Fees for lawyers range on the price of the property; should you require assistance in this matter, please do not hesitate to contact us.



Weir & Associates

Solicitors & Notaries

16th Floor Tak Shing House

20 Des Voeux Road Central

Central

Hong Kong

Tel : 2526-1767

Fax : 2868-3568

Email Us

Many thanks for the advice and info.

Limiting sole agency to one month makes sense, if you can spare the time.


Especially, if you have something that is special, and you think the particular agency will work hard and "push" your flat.


But if you have something that is easy to value, you may want as many agents as possible seeking buyers, and I cannot see the point of a sole agency


As a buyer, I like to see a flat with a sole agent, since this may mean that the seller will see fewer bids, and you can negotiate a lower price,

Yep. I would avoid the sole agent. If another agent comes in with an offer - which is still possible - then you may have to pay commission twice if the other agent's offer is very good.

Thanks so much for the advice. Very helpful. I listed with two agencies. Many thanks again.