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Housing

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I.Procedure for apartment/house transactions:
A
Paying/accepting down payment > signing transaction contract 
stamping chops (signatures) on relevant documents > paying taxes and fees
transferring property ownership > property delivery (handing over property and keys to buyer)
II.Procedure for contract signing:
A
After reaching an agreement on the property transaction price, the buyer and seller should write the details concerning the transaction procedure, method of payment, and other transaction terms into the contract and stamp chops and place signatures on the contract with the witness of a certified property registration agent retained by the two parties to complete the contract signing process.
III.Rights and duties:
A
Buyer:
1. Check carefully the current conditions of the apartment/house as well as the contents of the contract.
2. Can designate new ownership (owner) of the property before stamping chops (placing signatures) on relevant documents.
3. Make installment payment to the seller in several phases as stipulated in the contract
4. Provide required certificates and documents needed for applying for a mortgage loan with banks and transferring property ownership.
5. Pay deed tax, stamp tax, government fees, fee to property registration agent, etc. (Who should pay how much for what costs in this category can be negotiated and decided by the two parties).
6. Accept the rights and duties concerning the current conditions of the apartment/house.
B
Seller:
 
1. Provide complete information about the current conditions of the apartment/house and present required certificates and documents for transferring ownership.
2. Receive installment payments from the buyer according to terms in contract.
3. Pay house tax and land tax incurred before the transfer of property ownership.
IVPoints of attention for the buyer:
A
Make sure the registration number of the building is identical with that of the apartment/house in the transaction
B
Although the buyer already checked the property registration transcripts of the building and land before paying the “mediation fee” (paid to real estate agent and refundable) and down payment (paid to the seller), he/she should check once again the property registration transcripts of the building and land freshly acquired from the land administration office on the date of contract signing. This can prevent possible changes in the property ownership or revisions in the establishment of legal relationship with bank for the mortgage loan.
C
Reaffirm the counterpart signatory of the contract is the rightful owner of the property. In case the owner cannot sign the contract in person, his/her representative should present a letter of authorization.
D
Find out if there is still a valid lease on the property to prevent any possible obstruction to the delivery of the apartment/house or other problems. (Sometimes the tenants might refuse to move out before the expiration of the term of the lease already signed with the original owner.)
E
Clearly and completely list all taxes and other costs to be paid by the buyer. Under normal practice, the buyer pays deed tax, property registration fee, notarization fee, insurance premium, the service fee to the certified property registration agent, and the bank loan application fee.The land tax, house tax as well as the water, electricity and gas bills and building management fee incurred before the date of delivery of the property should be paid by the seller (original owner). The buyer is responsible for what incurs after that date.
F
Make a list with the seller concerning the equipment and items he/she agrees to give to the buyer free of cost. This will help forestall possible disputes.
G
If there is/are parking space(s) included in the ownership of the apartment/house, find out if the ownership of the parking space(s) can be transferred independently.
H
Clearly set the date for the delivery of the apartment/house (the time when the buyer has the legal ownership, keys and access to the property).
I
Ask the retained property registration agent to affirm the total amount of the mortgage loan for the apartment/house and the outstanding amount (the portion not yet repaid) and include the figures in the contract. Other items which should be covered by the contract include the method and deadline for the seller to: 1) clear his/her mortgage loan, and 2) present documents from the bank proving the loan has been fully repaid and the record of the mortgage registration concerning the property has been erased.
 
Remarks:
Under general practice, there are also a “mediation fee” (which is refundable) and a commission (normally 4 percent of transaction value to be paid by the seller) for the realty agent retained for the transaction. The exact terms can be reached through negotiations among the parties involved.
   
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