The risk Hongkongers face is high, especially when properties abroad are still under construction, or are yet to be completed
The EAA does not assist consumers with recovery of losses suffered from property transactions
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.
The real estate market thrives on transparency and trust, and agents must not allow any personal interest to conflict with those of their clients.
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.
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.
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