Living
The Process
The first step for a prospective buyer is to find a reliable and licensed agent. Even for expats armed with all the available information, the agent is an important go-between during the sometimes inscrutable purchasing process.
After making an offer on a home, the owner and prospective buyer will sign a stamped sales contract. This contract is needed to apply for a mortgage. The two parties also need to go to the District Property Exchange Centre to transfer the name on the property title. Your real estate agent should direct you to your district’s office. At this time, you need to provide your residence permit to prove you have lived in Shanghai for at least a year. New foreign owners then need to make a 30% down payment on the home. The whole sales and mortgage process should take two to three weeks.
After making an offer on a home, the owner and prospective buyer will sign a stamped sales contract. This contract is needed to apply for a mortgage. The two parties also need to go to the District Property Exchange Centre to transfer the name on the property title. Your real estate agent should direct you to your district’s office. At this time, you need to provide your residence permit to prove you have lived in Shanghai for at least a year. New foreign owners then need to make a 30% down payment on the home. The whole sales and mortgage process should take two to three weeks.
