Completion Time Frame: 1 day
Completion Costs: HK$ 25
Points to Note:
It is a common Step that the purchaser’s solicitor conducts a land search of the property before execution of the Agreement of Sale and Purchase (ASP) to ensure that previous registration was complete and no other claims are still linked to the property. All land records are available for search by any interested parties upon payment of the prescribed fee of HK$ 25 for the current and historical search (this will take about 1 day).

Step 2: Purchaser’s solicitor registers the executed (signed and stamped) Agreement of Sale and Purchase (ASP) at his office

Completion Time Frame: 30 days
Completion Costs: HK$ 210
Points to Note:
The purchaser’s solicitor registers the executed (signed and stamped) ASP at the private practitioner’s office. During this period the purchaser gives a 10% down payment on the property and has time to arrange financing for the remainder owed. In addition, this time allows the purchaser’s solicitor to peruse the title deeds and to raise requisitions on title and the vendor’s solicitor to answer the title requisitions and to rectify any title problems.

Note: The ASP gives the purchaser beneficial title, not legal possession of the property.

Step 3: Property Assignment is prepared by the Purchaser’s solicitor, signed by both parties, and filed at the Stamp Duty Office

Completion Time Frame: 12 days
Completion Costs: HK$ 100 +3.75% stamp duty for non-residential property
Points to Note:
Depending on encumbrances that might be still associated with the property this process might take a longer time.

Note: The Property Assignment will give the purchaser legal title and possession of the property.

Step 4: Stamp office returns original stamped Assignment to the Purchaser’s solicitor

Completion Time Frame: 10 days
Completion Costs: HK$ 450 (registration of Assignment) + between 0.5% and 2% of property value (solicitor’s fee, which is not mandatory and it is negotiable).
Points to Note:
This happens after the Stamp Office receives the original Assignment and payment of Stamp Duty.

Step 5: Purchaser’s solicitor registers the Property Assignment at the Land Registry after the document has been stamped and solicitor is paid for the service

Completion Time Frame: 1 day
Completion Costs: included in previous Step

Points to Note:

The duly stamped Assignment will then be presented by the solicitors to the Land Registry. The purchaser’s solicitor shall register the Assignment at the Land Registry within 30 days from the date of Assignment so as to preserve its priority under the law. After receipt of the original Assignment by the Land Registry, it will take another 28 days to three months (or usually two months) depending on the workload of the Land Registry at that time to complete the registration and return the Assignment to the solicitor’s office. However, the title is legally property of the purchaser once the Property Assignment is submitted to the Land Registry on the first day. The remaining days (or months) account for the Registry to document the transfer in microfilm and other media.