In recent years, many Hong Kong people have purchased overseas properties
The Lands Supervision Bureau has recently handled a complaint about overseas properties. The agent suspected that the prospective purchaser claimed that the first deposit would be handed over to a lawyer or trust. However, it was inconsistent with the facts and was fined 5,000. Yuan and condemnation.
According to the information of the Lands Supervision Bureau, prospective purchasers involved in the case asked the relevant agent before signing the booking form of a British flats unit at the trade fair
How can the developer ensure that the real estate will not be “unfinished” to avoid loss. The agent suspected that the relevant terms and conditions would be set out in the formal sale and purchase agreement and the title deed. It was stipulated that the first deposit paid by the buyer would not be directly handed over to the developer, but would be placed by a lawyer or kept in trust. The funds will be paid to the developer in proportion to the completion of the property to protect the buyer. If the property is not completed, the lawyer can be required to return the full amount.
Subsequent to the enquiry of the prospective buyer’s lawyer, the developer’s lawyer confirmed that there was no special arrangement for the deposit. The buyer’s deposit will be held by the seller’s lawyer as an agent and paid directly to the seller, the developer. . As the suspect involved in the case made an incorrect statement, the prospective buyer did not continue the transaction.
Local Supervision Bureau: You must consult legal advice before purchasing
The current deposits for UK properties are generally paid to the developer’s lawyers and can be handed over to the developer without specific conditions, which is different from the terms of the deposit in Hong Kong.
After the relevant evidence and information were obtained by the Disciplinary Committee of the Bureau of Supervision, the agent was found guilty of violating the Bureau’s Code of Conduct. He and his company were required to compensate the prospective buyer (the complainant) for the loss and accept the condemnation. A fine of 5,000 yuan was required. Take part in additional professional studies. In fact, in recent years, there has been an upward trend in the investment of overseas properties by Hong Kong people. The Lands Supervision Bureau has recently mentioned that property markets and regulations in different places are different from those in Hong Kong. In handling complaints about overseas property transactions, the Administration has faced great challenges in its investigation. Buyers are advised to consult local professional legal persons before purchase. It is best to enter the market through a licensed agent in Hong Kong to enhance protection.