Hong Kong is a highly developed country. It hasacapitalist mixed serviceeconomy. You can buy property hong kong through an agency or an estate agent.
Agency becomes a pathway between the owner and buyer. Authenticity is increased when transactions are made through an Agency. Some of the property rental agencies in Hong Kongis Henry Wiltshire International, Engel Volker’s, Quikspaces, Corporate Locations Limited, Hong Kong Service Apartments and many.
Procedure to Buy Property:-
- The first step is to choose a property you want to buy via, Sale Agency.
- Then, a buyer can negotiate with the owner about the prizes and terms.
- The buyer and owner sign the Provisional Agreement for sale and purchase. The buyer pays an agreed amount to ownerbetween 2-5% of the agreed property’s price.
- After 14days of signing, the buyer and owner have to sign the Sale and Purchase Agreement which replaces the Provisional Agreement. And the buyer need to pay another 10% of property’s prize.
- Both parties decides the date of completion of transaction together
- Owner’s lawyer drafts the Assignment Deed and gives the copy to the seller’s lawyer for approval.
- The buyer and his lawyer inspects the property before signing the Deed
- Both buyer and seller sign the Assignment Deed.
Buyer’s pays the remaining amount to the owner and owner hand over the keys and property to the buyer at that time.Now, the whole process of transaction has been completed.