Purchase a Property in Hong Kong
Purchase a Property in Hong KongUpdated on Tuesday 01st November 2016
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Buying a home
Because Hong Kong is an important business hub in Asia, many individuals relocate here to work and live. Investors who open companies in Hong Kong are also interested in the real estate market when looking for a suitable office space. The decision to purchase a property in Hong Kong is an important one and foreign individuals often request the services of real estate agents.
Our lawyers in Hong Kong can assist you throughout the property purchase procedure to make sure that all the agreements and documents are in order and that the real estate agent is working in your best interest. We can also help you compare prices on the market and decide what option is best for you.
Housing options in Hong Kong
New properties are available for purchase or lease in Hong Kong, but properties leased by owners are also an option. The available options are suited for any budget and include: starter homes (low priced apartments), middle-class properties, luxury apartments, office spaces. Some real estate agencies in Hong Kong offer special services for expatriates who plan to relocate to Hong Kong. While some may prefer to settle down in a sub-urban area, other might want to find a property in the middle of the city. Another important aspect when buying a property in Hong Kong is to verify if all the plumbing, the wiring and other important systems are functional.
Our Hong Kong lawyers can help you with useful references about the real estate market in Hong Kong. We can also help you perform a property due diligence verification of the chosen property and help you draft any necessary documents.
Steps for purchasing a property in Hong Kong
After the buyer has found the ideal property in Hong Kong, the purchase process begins with a provisional sale and purchase agreement. This initial contract has to be signed by the buyer and the seller after they have agreed on the initial terms of the purchase. Individuals should know that this agreement is legally binding.
The final sale and purchase agreement is drafted based upon the provisional one and it contains the more detailed terms of the purchase and any additional special conditions. The final purchase agreement cannot contradict the first signed contract between the parties.
Our Hong Kong law firm can assist you while signing these contracts. One of our lawyers will revise the agreement and make sure that the applicable terms are not detrimental to you.
Please contact our lawyers in Hong Kong if you need any legal advice on drafting and signing property sale and purchase agreements in Hong Kong.