Selling Property
When to sell is as important as when to buy. If you are moving out of Hong Kong or the market is hot, you may decide to sell. Typically, you will advertise through an agent to get wider publicity, to do your bidding and also take care of the paperwork. There will be expenses for fixing up your property to make it attractive and sellable before putting it on the market. Legal fees for a solicitor, stamp duty and the agent’s commission of 1% of the sale price should be factored in. First you will get 5% of the sale price if the buyer is satisfied with your property and signs the Provisional Sales and Purchase Agreement. If all goes well at the next signing of the Sales and Purchase Agreement, you are paid another 5 to 10% till the deal goes through and you are paid the lot. Have your solicitor work with the buyer’s solicitor on legal matters. There are numerous solicitors dealing with property and mortgages and you can either go on recommendation or choose a certified one on your own after carefully considering credentials and experience.