Step 7: Pay stamp duty, handle mortgage, and complete transaction
Pay stamp duty, handle mortgage, and complete transaction
Stamp Duty is imposed on the agreement for sale of residential property. The rates vary with the amount or the value of the consideration. Access the website of Inland Revenue Department for more information.
Where the property to be sold is subject to an outstanding mortgage, the vendor shall notify his or her solicitor and arrange with the mortgagee institution for repayment of the mortgage on or before the date of completion of the transaction.
On the day of transaction completion, the vendor hands over the property to the purchaser. The purchaser pays the balance of the purchase price. Both parties sign an assignment which is drafted by the purchaser’s solicitor and is reviewed by the vendor’s solicitor.
Generally, upon completion of the transaction, the purchaser’s solicitor shall lodge the assignment with the Land Registry for registration.