• 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

• 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

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.

• 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.

• 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

• 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

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

•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

◾There are a number of requirements that estate agency companies need to comply with when issuing property advertisements
◾The Estate Agents Authority issued a circular last December that spells out new requirements.

I would like to share a case concerning a property advertisement with misleading or wrong information.