How do mainlanders buy and sell second-hand houses in Hong Kong?

How do mainlanders buy and sell second-hand houses in Hong Kong?

Second-hand houses are also very noisy now. So how do mainlanders buy and sell second-hand houses in Hong Kong? What are the second-hand housing sales processes? What documents do you need?

First, the transaction process.

Buying a second-hand house in Hong Kong generally goes through three main stages, which usually takes about one and a half months.

1, looking for real estate

Real estate agents will recommend suitable houses in the market according to buyers' needs, and buyers can arrange to see the house through intermediaries. In the market, in addition to the general properties for sale, there is also a source of investment called "key disk". The owner of the "key disk" is generally an investor, and the unit does not stay long. In order to facilitate property buyers to see the house, the door key has been in the hands of real estate agents for a long time, so it is called "key disk". This kind of disk source is relatively simple in procedures such as making an appointment to see a house, contacting the owner, and moving in.

At this stage, the buyer can know the required property and discuss the transaction price with the owner. After discussing the price details, the two parties can sign a temporary contract, and the buyer pays the subscription deposit (small deposit), which is generally about 5% of the property price.

2. Sales contract

With the temporary contract, the buyer can go through the relevant formalities such as signing a "formal sales contract" in a law firm licensed in Hong Kong, and pay a "down payment (large deposit)" of about 5% of the property price. If property buyers need mortgage services, they should also apply to the bank at this stage (refer to the mortgage section).

3. Name of the property

After the law firm completes the formalities of ownership verification and relevant legal documents, the buyer and the seller can go through the formalities of ownership transfer, and the law firm will also go through the formalities of property right registration and stamp duty payment. After this stage is completed, the buyer officially owns the relevant property, and the whole second-hand transaction is completed.

Second, the mortgage approval

Before signing the sales contract, buyers should make a preliminary price evaluation of the property through the bank to estimate the loan amount they can get.

Conventional documents for applying for mortgage:

Appraisal document

Address proof

Daily accounts

income statement

Applicants should also pay attention to the following mortgage requirements of the Hong Kong Monetary Authority.

According to the announcement of February 27, 20 15:

1. For self-occupied residential properties with a value of less than HK$ 7 million, the maximum mortgage ratio will be reduced by at most 10%. For example, the maximum mortgage ratio can be adjusted to 60% for properties with a current maximum value of 70% and no more than HK$ 6 million.

2. The upper limit of the "contribution-to-income ratio" of the second self-occupied residential property will be lowered from the current 50% to 40%; Under the interest rate stress test, the upper limit will be lowered from the current 60% to 50%.

3. The upper limit of the mortgage loan "contribution-to-income ratio" for non-self-use properties (including residential properties, industrial and commercial properties and parking spaces) will be lowered from the current 50% to 40%; Under the interest rate stress test, the upper limit will be lowered from the current 60% to 50%.

In other words, if the applicant passes the repayment stress test, the mortgage ratio cannot exceed the following table. In addition, if the applicant's main source of income is not from the mainland, the reference property value can be further reduced by 10% to 20%.

Three. tax

1, buyer's stamp duty (BSD)

All non-Hong Kong permanent residents (including local and overseas companies) are required to pay the new Buyer Stamp Duty at the rate of 15%.

2. Ad valorem stamp duty

All non-Hong Kong permanent residents (including local and overseas companies) and all non-first-time home buyers are required to pay "ad valorem stamp duty", and the tax rate increases with the transaction price.

3. Additional stamp duty

If the owner resells the property without holding it for more than a certain period of time, he must pay "additional stamp duty"

Fourth, the real estate agency commission.

For every second-hand transaction, the real estate agent will charge the buyer and the seller 1% of the house price as a service commission.