Purchasing First-hand Residential Property Journey

Purchasing first-hand residential property is a significant decision for most of the people which usually cost a considerable amount of money. You are advised to pay attention to the following steps before buying first-hand residential properties to avoid any money loss. 

Before Purchase

  • To Study Sales Brochure
  • Study all sales documents carefully, especially the sales brochure
  • Make sure the sales brochure is up-to-date. As the property developers are required to examine and update the sales brochure at least every three months
  • To Visit Development Site
  • Visit the development site to know the actual environment better
  • It is recommended to visit to the development site at different times of the day and in different weather conditions
  • To Visit Show Flats

3.1   Show Flats for Residential Properties in an Uncompleted Development

  • There are two types of show flats that include 「unmodified show flats」 and 「modified show flats」
  • We can take measurements, photographs and videos of 「unmodified show flats」 and can only take measurements in 「modified show flats」
  • Pay attention to what appliances in a show flat are provided when the property is handed over to the buyer. Refer to the sales brochure or check with the vendor if in doubt

3.2 Residential Properties in a Completed Development

  • Before signing the preliminary agreement for sale and purchase (「PASP」), the vendor should arrange the prospective buyer to visit the particular property that the buyer wishes to purchase
  • It is recommended to visit the completed property even if the show flats are provided 
  • Check Details of Facilities to be Provided
  • Check with vendors the details of facilities to be provided, such as the opening hours of clubhouse facilities, operation period of shuttle buses and charges may involved
  • Study Price List
  • Pay attention and check if the discounts offered by vendors are subject to certain conditions.
  • Whichever mortgage loan plan is chosen, must make sure it does not go beyond the ability to repay
  • Study the details of the plan carefully if we choose a mortgage loan plan offered by a financial institution specified by the vendor (Details of the plan include the requirements for mortgagors on minimum income level, loan limit, the maximum loan tenure, the change of mortgage interest rate throughout the entire repayment period, and the payment of administrative fees)
  • Do not sign preliminary agreement for sale and purchase unless you are certain about whether your application for a mortgage loan plan will be approved
  • If the vendor offers financial advantages, for instance, stamp duty rebate, please check if the application is required to be made to the vendor before a specified deadline and whether the rebate will be deducted directly from the purchase price or be paid directly by the vendor to the Inland Revenue Department
  • Calculate Total Expenses
  • Apart from the property prices, there is a considerable amount of miscellaneous expenses that may cost hundreds of thousands of dollars
  • Miscellaneous expenses include solicitors』 fees; charges for certified copies of title deeds; mortgage charges; insurance fees; stamp duties; Government rent; management fees payable in advance; special funds payable; deposits for water, electricity and gas; and debris removal fees

  • Check Management Fees
  • Check with the vendor the estimated management fees if it is an uncompleted development
  • Vendor should provide a 「Vendor』s Information Form」 which will set out the amount of management fee payable for a specified residential property for completed development
  • Check Sales Arrangements
  • Date and venue the sale will take place
  • Which properties will be for sale
  • Registration arrangement and how the sequence for property selection will be determined
  • How the cashiers』 orders will be returned for those who have not purchased any property
  • Whether a registrant will be allowed to add other non-registrant(s) as joint purchaser(s) when signing the preliminary agreement for sale and purchase
  • Read all sales arrangements made available by the vendor to check if there are any properties that are yet offered to be sold – maybe the properties to be offered for sale subsequently suit us far better
  • Check Register of Transactions
  • The register of transactions is the most reliable source of information from which the sales condition of the development throughout the sales period is reflected
  • The register of transactions can be viewed from the Sales of First-hand Residential Properties Electronic Platform (www.srpe.gov.hk) or the website of the development designated by the vendor 

During Purchase

  • On the Date of Sale
  • Pay attention to the most up-to-date sales condition shown on the 「consumption table」 displayed in a sales office
  • We need to pay a preliminary deposit which amounts to 5% of the purchase price when signing the preliminary agreement for sale and purchase
  • The preliminary deposit should be made payable to the solicitors』 firm responsible for stakeholding purchasers』 payments for the property
  • Appoint a Solicitor
  • Recommend to appoint your own solicitor for the purchase
  • If you appoint the solicitor specified by the vendor, despite the vendor often bears the legal cost, the solicitor may not be able to protect our best interests in the event of a conflict of interest
  • Enter into a Sales Agreement
  • After the preliminary agreement for sale and purchase (「PASP」) is made and has paid the preliminary deposit which amounts to 5% of the purchase price, you must sign the agreement for sale and purchase with the vendor and pay a further deposit (if applicable) equivalent to the amount specified in the terms of payment in 5 days. (Preliminary Deposit = 5% of Purchase Price)
  • If you fail to proceed with the above, the PASP is terminated and the preliminary deposit will be forfeited by the vendor

After Purchase

  • Before Property Handover by the vendor
  • Always check and see if the estimated material date has been postponed
  • Ask the vendor if you have any questions regarding the handover date of the property
  • All mortgage-related matters must be settled before property handover
  • Property Handover by the vendor
  • Inspect the property carefully and may seek help from professionals for inspection
  • Pay attention to the duration of the defect liability warranty period
  • According to the agreement for sale and purchase, if you find any defects to the fittings, finishes or appliances in the property, we shall provide a written notice on these defects to the vendor within 6 months after the date of completion of the sale and purchase. If the defects are not caused by the act or neglect of the purchaser, the vendor shall remedy the defects at its own cost and as soon as possible

For any enquiries relating to the sales of first-hand residential properties, simply click here and contact us! 

 

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