The purchase of a property generally involves three main legal documents: sale and purchase agreement, deed of assignment and mortgage deed. The solicitor’s fee, will be subject to the transaction value and the age of the property, and it usually amounts to several thousand Hong Kong dollars or more.
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What needs to be done to prevent a potential mortgage trap when buying a village house?
Village houses are roughly divided into two categories – standard “small house” and village house on “old schedule lot”. The most common are standard small houses, which are three-storey high and have a floor area of about 700 square feet each.
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What should I pay attention to when buying a village house?
Buying a second-hand village house can avoid the risk of government not granting the Certificate of Compliance. At present, new-style village houses are generally built like housing estates with well-managed gardens, parking lots and playground.
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What are the procedures when buying second-hand properties?
The first thing to do when buying a flat is, of course, to look for one and conduct an ocular inspection of the building. Many real estate agencies list properties on their websites and mobile apps.
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What should buyers pay attention to when buying an uncompleted flat?
Staged payments are generally provided in new properties, but mortgage payment installments can also start immediately. The advantage of opting for immediate mortgage installment payment is the buyer can enjoy a higher discount from the developer, but the former needs to start repaying the mortgage loan even before the property is ready for occupation.
What are the procedures when buying a new flat?
The law requires developers to issue sales brochures at least 7 days before the start of sales of flats in a new project to ensure homebuyers have sufficient time to scrutinise essential pieces of information relating to the property, including its location, estimated completion date, floor plan and size of flats.