Registering Property in Hong Kong (China)

This topic examines the steps, time, and cost involved in registering property in Hong Kong, China.

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Property Value: HKD 12,027,473
City: Hong Kong

	Procedure	Time to complete:	Cost to complete:
1	Purchaser’s solicitor does a land search at the Land Registry	1 day	HK$ 25
2	Purchaser’s solicitor registers the executed Agreement of Sale and Purchase (ASP) at the Land Registry	30 days	HK$ 210
3	Property Assignment is prepared by the Purchaser’s solicitor, signed by both parties, and filed at the Stamp Office.	12 days	HK$ 100 +3.75% stamp duty for non-residential property
4	Stamp office returns original stamped Assignment to the Purchaser’s solicitor	1 day	HK$ 450 (registration of Assignment) + between 0.5% and 2% of property value (solicitor’s fee, which is not mandatory and it is negotiable).
5	Purchaser’s solicitor registers the Property Assignment at the Land Registry	1 day	included in previous procedure

Procedure 1.: Purchaser’s solicitor does a land search at the Land Registry
Time to complete:: 1 day
Cost to complete:: HK$ 25
Name of Agency:: Land Registry
Comment:: It is a common procedure that the Buyer's solicitor will conduct a land search before execution of the Agreement for Sale and Purchase (ASP) to ensure that that the previous registration records showing for example, the Seller's title to the property are complete and there is no unusual encumbrance registered against the property. All land records are available for search by public by attending at the Land Registry or by doing online internet search. The prescribed fee is HK$25 for a full land search (which would provide all historical and current data affecting the property) and HK$10 for an up-date land search (which would only provide the current data). This will take about one (1) day and in fact, immediately if it is done through the online internet service provided by the Land Registry which many law firms in Hong Kong would have subscribed to such service.

Procedure 2.: Purchaser’s solicitor registers the executed Agreement of Sale and Purchase (ASP) at the Land Registry
Time to complete:: 30 days
Cost to complete:: HK$ 210
Name of Agency:: Land Registry
Comment:: The Buyer's solicitor then registers the signed ASP at the Land Registry when the Buyer will usually have given 10% of the purchase price to the seller as deposit. During this period of time from signing of ASP to completion, the Buyer will finalize the finance arrangement for purchase of the property (if necessary). In addition, during this period of time, the Buyer's solicitor will complete perusal of title deeds and clarify any title issues with the Seller's solicitors and confirm good title to the Buyer.

Procedure 3.: Property Assignment is prepared by the Purchaser’s solicitor, signed by both parties, and filed at the Stamp Office.
Time to complete:: 12 days
Cost to complete:: HK$ 100 +3.75% stamp duty for non-residential property
Name of Agency:: Stamp Office
Comment:: 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.

Procedure 4.: Stamp office returns original stamped Assignment to the Purchaser’s solicitor
Time to complete:: 1 day
Cost to complete:: HK$ 450 (registration of Assignment) + between 0.5% and 2% of property value (solicitor’s fee, which is not mandatory and it is negotiable).
Name of Agency:: Stamp Office
Comment:: This happens after the Stamp Office receives the original Assignment and payment of Stamp Duty.
All necessary forms and documents for stamping can be submitted in paper or online (www.gov.hk/estamping.). If this is done via e-stamping, the stamp certificate is printed the day after submission and payment. This process of submission and payment is straight forward, details of the transaction are submitted over the internet, a stamp invoice is issued immediately which can be printed. Payment of the stamp invoice can be settled with the local post office. Both methods fulfill the stamping requirement equally. Under the conventional method no stamp certificate is issued, instead, the relevant document (e.g. the assignment) would be stamped by the Stamp Office with the value of stamp duty paid.

Procedure 5.: Purchaser’s solicitor registers the Property Assignment at the Land Registry
Time to complete:: 1 day
Cost to complete:: included in previous procedure
Name of Agency:: Land Registry
Comment:: 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.