Hong Kong property agents' regulator has reminded potential purchasers of the importance of being cautious and verifying all critical information before making a decision amid a red-hot first-hand property market in the city.
Unlike new homes, the sale of first-hand non-residential properties, such as commercial or industrial spaces, is not regulated under the Residential Properties (First-hand Sales) Ordinance, the Estate Agents Authority said in a statement on Monday.
Under the ordinance, vendors need to disclose specified information, including the provision of sales brochures, price lists, documents containing sales arrangements and registers of transactions, etc. to ensure transparency.
Therefore, the disclosure requirements mandated for new homes do not apply to non-residential property sales, the EAA said.
It also reminded prospective buyers that while the estate agents provide them with assistance and information, they should confirm:
Purchasing a property involves complicated legal and financial considerations, the regulator said, adding that potential purchasers should verify whether the persons providing sales service are licensed estate agents or licensed salespersons.
If a licensed estate agent or a licensed salesperson has made any misrepresentations in his services, a complaint may be lodged with the EAA, it said, adding that buyers are also advised to seek professional opinions from lawyers, surveyors, or financial institutions as necessary.
𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓
