Our conveyancing legal team stands ready to assist you in completing the title acquisition of the property you intend to purchase in Hong Kong. We have extensive experience and skill sets on dealing with purchase of houses, apartments, commercial properties such as offices and factories.
Below we have some helpful information on buying real estate in Hong Kong and what the process involves. Our legal team can guide you through the whole process very simply so you that you do not unwittingly fall into any traps due to a lack of understanding.
Transaction Costs: Commission and Legal Cost
Real estate agent commissions typically 1% of the price and are paid by the seller and the buyer each. The legal fee to your lawyer is by agreement. There is no standard fee. Agree the fee with your lawyer before you appoint them to deal with the conveyance. The buyer must pay the expenses registering the new deeds. The amount is fixed by the Government. For example, it is $500 to register a mortgage deed. The same fee amount applies to an assignment.
Government Tax: Stamp Duty
You have to pay the Government stamp duty on the transaction. Foreigners or companies buying a residential property have to pay more stamp duty. Please consult us. If you let a property to a tenant, you have to pay the property tax on the rental income. However, there is no capital tax in Hong Kong.
It is easy to get a mortgage in Hong Kong if you have an income. Local financing is widely available for foreign residents. Many banks in Hong Kong are extremely active in the mortgage loan markets. They offer terms to home buyers with competitive rates. The loan term can be as long as up to 25 years.
We also offer other conveyancing or real property related legal services:
- sale of property
- mortgage and re-mortgage refinancing
- discharge or release of mortgages