Hong Kong property agent finds the hard way why it is important to stay on top of mortgage loan rules

2020-09-22

  • Property agents should never hastily assure clients on the terms of a loan but instead advise them to consult directly with banks or other professionals
  • Customers should protect their interests by thoroughly reviewing their own financial situation and repayment ability to avoid forfeiting deposits

Hong Kong’s property agents must comply with rules when advertising new homes

2020-07-21

  • They must exercise due care before releasing property information to the public and ensure that no misrepresentation is made, writes Ruby Hon, chief executive of the Estate Agents Authority
  • Failure to do so can result in disciplinary action and fines

Hong Kong property agents face ethical duty advising clients on bank valuation, mortgage financing margin

2020-05-12

Property transactions in Hong Kong’s primary and secondary markets have been declining due to the coronavirus pandemic, and the prospect of a near-term revival is not promising.

Estate agents should adopt full disclosure to avoid conflict of interests in property transactions

2020-03-17

The real estate market thrives on transparency and trust, and agents must not allow any personal interest to conflict with those of their clients.

The importance of conducting a land search when buying or selling property in Hong Kong

2019-12-17

  • Buyers should carefully study the land search copy provided by the estate agent before entering into a sales agreement or paying a deposit, warns Ruby Hon of the Estate Agents Authority
  • By understanding the key information about the relevant property, potential risk and loss can be better avoided
    A land search is an important document in a property transaction.
    • It provides the searcher with essential information regarding the property, such as its address, ownership details and encumbrances, if any, that are registered against it.

Why provisional sales, tenancy agreements for property in Hong Kong must be handled with care

2019-10-15

  • Consumers must be aware that provisional property agreements are legally binding documents and disputes may easily arise, says Ruby Hon, chief executive of the Estate Agents Authority
  • Failure to fill in the documents correctly can be costly, Hon warns

Hong Kong watchdog extends purview to regulate licensed property agents selling incomplete overseas property

2019-08-28

  • Estate Agents Authority circular provides guidelines for licensed agents handling the sale of incomplete properties situated outside Hong Kong
  • Consumers are advised to do their homework when purchasing non-local properties

Be careful when renting a sublet property: if there’s no agreement in place you could end up evicted

2019-07-23

It is vitally important to check the principal tenancy agreement for any restriction against subletting, says Ruby Hon Yuen-ping, CEO of the Estate Agents Authority
Before deciding to rent a property, a prospective tenant should pay attention to whether it is being leased by the landlord or sublet by the principal tenant, as subletting may involve complicated issues and a subtenant’s rights might not be protected.

Understanding the risks of unauthorised building works before buying or renting property in Hong Kong

2019-05-28

As additions or alterations may affect the safety of a property and may render the title defective, agents should inform their clients of any such orders registered against the property and the risks involved

Pay close attention to stamp duty when buying property in Hong Kong

2019-04-09

•Since property transactions usually involve large sums of money and buyers bear the cost of stamp duty, they are advised to carefully research what category they fall under and not just rely on property agents