At Yip, Tse & Tang, we provide comprehensive conveyancing services for buying, selling, and transferring properties in Hong Kong. Our experienced legal team ensures a smooth and secure transaction, handling everything from title searches and contract preparation to mortgage arrangements and registration. We are committed to guiding you through each step of the process, protecting your interests and ensuring that your property transaction is completed efficiently and without hassle.


FAQs on Buying and Selling Real Property in Hong Kong

1. Why do I need a lawyer for buying or selling property in Hong Kong?
A lawyer is essential for handling the legal aspects of a property transaction in Hong Kong, including conducting title searches, drafting and reviewing contracts, and registering the transfer of ownership. This helps to ensure that the process is legally compliant and protects you from potential risks or issues.


2. What types of properties can your legal team assist with?
Our conveyancing legal team can assist with the purchase and sale of various types of properties, including houses, apartments, commercial properties, offices, and factories. We have extensive experience in navigating the unique challenges of each property type.


3. What are the typical transaction costs involved in buying property in Hong Kong?
Transaction costs include:

  • Real Estate Agent Commission: Typically 1% of the purchase price, paid by both the buyer and the seller.
  • Legal Fees: There is no standard fee for legal services. It’s important to agree on the fee with your lawyer before appointing them.
  • Registration Fees: Buyers are responsible for the expenses of registering new deeds, with a fixed government fee (e.g., HK$500 to register a mortgage deed or an assignment).
  • Stamp duty (see below)


4. What is Stamp Duty, and who needs to pay it?
Stamp Duty is a tax imposed by the Hong Kong Government on property transactions. All buyers, including foreigners and companies, must pay Stamp Duty when purchasing residential properties. The amount varies based on the property value and other factors. Consult our legal team for guidance on your specific situation.


5. Are there other taxes associated with property ownership in Hong Kong?
Yes, if you rent out your property, you will need to pay property tax on the rental income. However, there is no capital gains tax on property sales in Hong Kong. Besides, Hong Kong has no inheritance tax.


6. Can foreign buyers get a mortgage in Hong Kong?
Yes, foreign residents can obtain mortgages in Hong Kong, provided they have a stable income. Local banks are active in the mortgage market, offering competitive interest rates and loan terms of up to 25 years. Our team can assist in navigating the mortgage application process.


7. What other conveyancing services do you offer?
In addition to assisting with property purchases, our legal team offers services for:

  • Sale of property
  • Mortgage and refinancing arrangements
  • Discharge or release of mortgages


8. What is the process for buying a property in Hong Kong?
The process includes:

  • Engaging a lawyer for title search and contract preparation.
  • Signing a Preliminary Agreement for Sale and Purchase.
  • Paying an initial deposit.
  • Signing the formal Agreement for Sale and Purchase.
  • Completing the registration of the property and the transfer of ownership. Our legal team guides clients through each step to ensure a smooth transaction.


9. What should I consider before signing a purchase agreement?
Before signing, it is crucial to review the terms of the agreement carefully, conduct a thorough title search, and understand any conditions attached to the sale. Your lawyer can help ensure the agreement is in your best interest and free of any potential legal issues.


10. How long does it take to complete a property purchase in Hong Kong?
The entire process, from signing the Preliminary Agreement to the transfer of ownership, typically takes 6 to 8 weeks. This may vary based on factors such as financing arrangements and the complexity of the transaction.


11. What happens if I need to sell a mortgaged property?
If you want to sell a property that has an existing mortgage, you must first discharge or release the mortgage before transferring ownership. Our team can assist with the necessary legal steps to ensure a smooth discharge of the mortgage before the sale.


12. How do I start the property buying process with your firm?
You can contact our legal team directly for an initial consultation, where we will discuss your property goals, answer any questions, and outline the next steps in the process. We will guide you through each stage to ensure a successful property transaction.

Real Estates: Sale, Purchase and Mortgages

Foreigners may purchase and mortage properties in Hong Kong. No additional rules or restrictions govern steps and procedures. Foreigners pay the same amount of stamp duty like local people.

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