Buying New Property
Think before you buy
- Assess your financial situation and ability to repay before getting a mortgage, and consider what proportion of your monthly income you will need to spend.
Property hunting
- Visit the development site and get to know the surroundings, transportation and community facilities.
- Sales brochures for flats being sold under the Lands Department Consent Scheme should include information on prominent environmental features in the vicinity of the development.
Find out more
- Visit the show flat to visualize the layout of the unit.
- Read the sales brochure and note information such as saleable area, interior and exterior fittings and finishes and expected completion date.
Documentation
- Read the Government Lease and Deed of Mutual Covenant before signing.
- The Government Lease includes the lot number, lease term, user restrictions and more.
- The Deed of Mutual Covenant includes details like the definition of common areas, principles for setting management fees and ownership of the rooftop and external walls.
- Understand the transaction procedure and what legal documents need to be signed. A provisional agreement for sale and purchase is legally binding, and withdrawing from it after signing the developer can retain your deposit.
- Know the estimated completion and handover dates before you sign the final contract, and ask about related charges such as legal fees, stamp duty, building plan fees, etc.
