Posted by
BB
15 yrs ago
I'm buying my first flat in HK/DB. Have bought in UK before but don't know the procedure/order of deposit, documents etc in HK. Can anyone please give me a quick 'ready reckoner' list of what to do when. I'd appreciate any help. Thanks. BB
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1. sign pre-purchase agreement (day 1)
2. hand over x% deposit (can negotiate, usually 5-10%) (day 1)
3. go to bank with 1., arrange mortgage (15-60 days)
4. go to lawyer with 1. and let him arrange anything needed
4. on completion, go to lawyer and hand over remaining 90-95% of price (completion is usually 45-60 days depending on how fast you can pay)
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BB
15 yrs ago
Brillaint - thanks for help. BB
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And make sure you can a valuation of the property before you sign anything. The bank will only lend you 70% of the valuation or the purchase price - whichever is the lower. You can get a valuation on the HBC and Hang Seng web-sites or direct from the bank.
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It is very similar to the UK or other ‘western’ countries: first, you have to view and inspect your potential flat usually via an estate agent. Then, you have to sign a provisional/preliminary Agreement for Sale and Purchase. Please note that although it is called “provisional or preliminary agreement”, it is legally binding on the parties and therefore ALL the agreed terms should be included…for example…you MUST talk to a bank or mortgage broker to arrange financing BEFORE you agree to buy (subject to finance offers are NOT common in HK).
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 thereafter. 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.
If you want us to assist in this matter, please do not hesitate to contact us.
Weir & Associates
Solicitors & Notaries
16th Floor Tak Shing House
Theatre Lane
20 Des Voeux Road Central
Hong Kong
Tel : 2526-1767
Fax : 2868-3568
email : WeirLaw@HongKongLaw.com
www.HongKongLaw.com/weirlaw
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Weir and Associates
What are your charges ?
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Talk to your banker. You can get approval in principle from a bank for a similar priced property in the same area/building. After you find a place, tell your banker and the approval will be very quick! Make sure you get approval in principle just above what you budget spending, otherwise it may take a little longer.
If your budget is a little tight, this will give you an idea of what you can borrow.
I did this for my last place. It gave me piece of mind, allowing me to move quickly on the property I wanted and without missing out on the deal.
I use a reliable broker to organise this for me, message me if you want her details.
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Charges are a product of the size of the transaction and financing arrangements; please call Mr. Weir to discuss.
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
Please support our advertisers:
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