SRPA reminds prospective purchasers of first-hand residential properties on order of flat selection priorities in sales arrangements and miscellaneous expenses of flat purchase
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     The Sales of First-hand Residential Properties Authority (SRPA) today (October 31) reminded prospective purchasers of first-hand residential properties to pay attention to sales arrangements. If the vendor of a development offers to sell first-hand residential properties by way of giving priority of flat selection to prospective purchasers who intend to purchase a number of properties, those who are accorded lower priority in flat selection should check with the vendor or estate agents whether the properties they would like to purchase are still available for selection before they go to the sales offices.

     The SRPA has noticed that vendors usually give prospective purchasers who have registered an intention to purchase a number of properties a higher priority over other purchasers in flat selection.
 
     The SRPA reminds prospective purchasers who are accorded lower priority in flat selection that, under the aforementioned sales arrangement, the ultimate number of residential properties which will be available to them to purchase will depend on the quantities which the bulk purchasers have purchased. Prospective purchasers who are accorded lower priority should therefore check with the vendor or estate agents what properties are still available for selection before they go to the sales offices.
 
     Flat buying involves huge expenses. The SRPA also reminds prospective purchasers of first-hand residential properties to calculate the total expenses prudently before they enter into a preliminary agreement for sale and purchase.
 
     "Apart from property prices, the purchase of first-hand residential properties also entails a considerable amount of miscellaneous payments which may cost more than $100,000. These payments include solicitors' fees; charges for certified copies of title deeds; mortgage charges; insurance fees; stamp duties; Government rent; management fees payable in advance; special funds payable; deposits for water, electricity and gas; and debris removal fees," an SRPA spokesman said.
 
     "Prospective purchasers must take these expenses into account when assessing affordability in flat purchases. They should check with solicitors and vendors direct if they have any questions," the spokesman added.

Ends/Tuesday, October 31, 2017
Issued at HKT 15:01

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