Hi, I know there's been changes to stamp duty recently. I want to buy a $6m apartment. Can someone please list out the various outgoings required to buy assuming I get a mortgage and have good credit history? What are my deposit options assuming I could put down up to 30%? Thank you.
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You might have some trouble getting a 70% LTV
Are you investing as a HK Resident, or Non-resident?
The Main items you will need to cover are:
+ Purchase Price
- (Loan Amount)
+ Stamp Duty
+ Special Stamp Duty / Buyers Stamp Duty, if any
+ Agents Commission
+ Lawyers fee
Ask the agent, and maybe the lawyer and banker, to provide estimates for the above - and if anything is missing
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Hi. I am a permanent resident (3 stars). Probably live in as my own property.
Any advice on actual numbers appreciated, as I don't want a hard sell from an agent until I've gone over the figures.
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Stamp Duty percentages can be found on the web, so you can search on Google.
Standard agent's commissions for secondhand transactions are 1% to Buyer, 1% to Seller, but are negotiable, especially on the Buyer side in a market like this. For new properties, it is generally 3-4% on the sellers side, and zero on the buyers side. Buyers sometimes get a rebate of maybe 1%, if you know the agent well enough, and the price is high.
Lawyer's fees are negotiable, but I have paid between $5,000 - $10,000 for lower priced properties, using a firm of local lawyers.
I suggest you use this to work, up an example, and ask others if your numbers look reasonable.
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