I want to purchase a second-hand property

The internet is flooded with property advertisements; particularly on the social media platforms, where it is often difficult to verify the identity of the information provider. Therefore, the public should exercise caution and avoid trusting information disseminated on social media.

In Hong Kong, while second-hand residential property transactions may be completed directly between vendors and purchasers, it is common for the parties involved to engage estate agents to market or source properties, and to facilitate the transaction.

While prospective purchasers may directly deal with the vendor, the procedures involved in property transactions are complex. Licensed estate agents possess professional knowledge in property transaction and are regulated by the EAA. Prospective purchasers may consider appointing them to introduce properties for greater protection.

If one chooses not to appoint a licensed estate agent but to seek or list a property by oneself or list properties online on their own, he must exercise extra caution and seek professional advice when necessary. When inspecting properties alone or allowing strangers to inspect properties, personal safety should be a top priority.

Property advertisements which were issued by licensed estate agents are required to contain a series of information^1,2, including:

1. the business name of the licensed estate agency companies,
2. the licence number (or the number of statement of particulars of business (“SPOB”),
3. the “Property Number” assigned to the listed property, and
4. the date on which the advertisement is issued or updated.

Additionally, licensed estate agents must sign an “Estate Agency Agreement”, with their clients. By signing this agreement, both parties can obtain accurate information about each other, providing greater protection for themselves. Additionally, one may lodge a complaint with the EAA if one suspects any misconduct committed by the estate agent in the latter’s agency service. Click here to learn how to ascertain whether an estate agent holds a valid licence.

The following section primarily covers the circumstances of purchasing second-hand residential properties through estate agents.