Posted by
Taunton
15 yrs ago
Want to buy a particular property but am told that cannot view as there is a tennant. We have to pay a deposit to owner, who is a propert company, and hope for the best. We are told by agent it is normal in Hong Kong. Is it true? How can we protect ourselves?
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RA
15 yrs ago
It doesn't matter if there is a tennant . If you are buying a property you need to see it. And buying a property without seeing is NOT normal.
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disagree RA. it's quite normal in hong kong. flats sold with tenant usually go for 10% less than market price to adjust for risk.
many people do it anyway for investment purposes.
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Yes all very normal, I bought my apartment without viewing it, but live in the same apartment on a different floor. In addition to getting a floor plan, what you should do is check if any other apartments in that building are for sale or for rent and go and view them. This way you get an overall feel for the place. Also it is correct you should pay slightly less if it has a tenant because you can't view the actual place you are buying.
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no risk, no fun :)
our current landlord made a fantastic return on our apartment without seeing it ever
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I suppose you put protect yourself by having a clause in the purchase and sale agreement which says that the seller should pay for any repairs for undisclosed damage. Is that normal?
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taunton what could be such huge a repair that you would want to put in a clause?
once you sell it again, the new owner will anyway replace all (kitchen, floors, bathrooms, piping, etc.) so i don't see why you would need to do this. that would cost you about 5-8% of purchase price, which is pretty much the discount you should be asking for a flat without seeing.
the only single thing i could imagine for a clause would be water leakage from the ceiling. but that's about it.
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yeah, thats exactly the problem. We heard indirectly from tennant that there is a water leak from the ceiling
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fair point. that might indeed be something to be concerned about
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