Photo by Aleksandar Pasaric via Pexels

Property authority issues note to improve transparency of financing plans for homebuyers

The authority reminded purchasers that only written agreements are binding.

The Sales of First-hand Residential Properties Authority has issued a new practice note with the aim of enhancing the transparency regarding financing plans offered by vendors  and enhancing consumer protection.

The practice note recommends that vendors provide prospective purchasers with relevant documents that set out information about the financing plans. Purchasers should also receive a copy of “Reminder to Prospective Purchasers” before signing the preliminary agreement for sale and purchase of any residential property, the authority said.

Vendors are also directed to remind prospective purchasers to directly enquire with the vendors or designated financing companies if they have any doubts about details of the terms and conditions of the financing plans, approval conditions and application procedures.

Prospective purchasers are advised to carefully read the details of the financing plans listed in price lists and other related documents, and that only written agreements are binding.

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

‘Wall-less’ office tears down barriers to collaboration amongst AnyMind’s creatives
The office opens up for employees to collaborate, relax, feed off one another’s energy, and enjoy ‘happy hour’ and ‘mental space.’
Auction houses thrive on Asian millennials’ art-buying power
Millennials are seen to be particularly drawn to contemporary art as growth for Christie’s, Sotheby’s, and Phillips are highly anticipated in art hubs Hong Kong and Singapore.
Hong Kong’s livi bank launches game-changing app for SMEs
Going fully digital on opening accounts and approving quick loans to SMEs raises ‘livi Business’ disbursements to over HK$70m (US$8.9m) as of end-April.