At HomeSolutions Real Estate Ltd. we specialise in selling and leasing all types of property in the beautiful Lantau Island area of Hong Kong. We also deal with international property sales and leasing.
Our experienced agentsare here to assist and can recommend an excellent property conveyance solicitorif you need one.
The step-by-step process
If you’re new to Hong Kong, it’s worth noting that in general, a purchase can be completed in just 2-8 weeks. Each party employs their own solicitor and pays their own costs, whereas estate agents usually act as “dual agents” representing both the buyer and the seller – both parties pay commission. Stamp duty is a Government fee, payable on the day of completion. There is no capital gains tax in Hong Kong.
Typically, purchasing follows this order:
- View the property.
- Make an offer.
- Provisional agreement for sales and purchase is made; initial deposit (about 5%) is paid.
- Sign formal agreement for sales and purchase; (About 2 Weeks later) further deposit (about 5%) is paid.
- Day of Completion – Settlement of balance of payment, signing, and transfer of title.
For more information, visit the Estate Agents Authority website.
Every individual case is unique depending on property you own or residency status. Forthe applicable Stamp Duty on the purchase of property, we advise you to check with ird.gov.hk, your HomeSolutions agent and your solicitor prior to signing a provisional contract. We are happy to discuss the details of this with you further. Please visit the CONTACT US page.