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Sellers, Residential

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PART 1: Selling a Property With ZAP

  • Advertise / Post Your Property on ZAP for FREE: Simply upload your property details, a brief description and photos on ZAP for FREE by clicking here. Your property will immediately be on the market in the best place it can be: online and viewable anytime, anywhere. Buyers will contact you via ZAP's secure email portal without seeing your email address and it's your choice to reply.

    Deciding on your Asking Price? ZAP recommends users to use all three of the below options in order to be best informed on current market prices and make the best decision.

    Option 1: Accurate Valuation
    Contact a number of banks by telephone and ask for a real time valuations. For an easy to use list of all major banks click here.

    Option 2: Quick Valuations
    Find online valuation within seconds using ZAP's Valuation page. N.B. It's also worth contacting the bank directly as online valuations can lag recent movements in the market.

    Option 3: Practical Valuation
    Find out what similar properties in your building or estate have recently sold for in order to give you a more realistic price, for more information use the ZAP Resources page.
  • Quick Tips When Showing Your Property:
    • Make sure your property is clean and tidy
    • Have an asking price in mind and also a bottom price in mind before hand
    • Highlight to potential buyers what is included and what is not included in the price e.g. car park
    • Introduce the benefits of the area and the building for example sports facilities, shuttle bus etc
    • Highlight the advantages of your property for example storage space, new fittings etc
  • Improve Your Chances of Being Contacted By Potential Tenants:
    • After you have advertised your property on ZAP select the link to your property and copy & paste it in your Facebook status
    • "Like" your property on Facebook
    • Use ZAP's "Send To Friend" function to email your property

ZAP's approach offers much safer transactions than agents transactions. Before anything is signed with a potential buyer ZAP advocates introducing a lawyer to the process and centralizing the transaction around the lawyer who will handle the entire transaction at a fraction of the cost compared to agents and provide unbiased advice! That's right a person with years of legal training and an oath to uphold will advise and take users through all the steps for a lot less than an agent. In fact even if you are using an agent to buy a property you are required by law to have a lawyer represent you, so why not simply use them for the whole process?

Need A Lawyer? ZAP has an independent panel of lawyers which you can choose from and will assist you through the property transactions. Please note ZAP does not accept any commission or payment from lawyers on our panel.

Once you have a lawyer their first step at this stage is to inspect the Land Search to verify title and ensure there are no legal charges on the property or the building it is in.

Seller's costs: It is common practice in Hong Kong for only the purchaser to pay the stamp duty for a Sale & Purchase Transaction therefore as a seller your costs are just standard legal costs which are much less than standard agency fees and commissions.

If both parties are agreed on terms and you have been given the green light by your lawyer after inspecting the property and Land Search, then you're ready to enter into a Provisional Sale & Purchase Agreement.

ZAP has a standard Provisional Sale and Purchase agreement, approved by our panel of lawyers. This is available below for free or simply ask your lawyer to supply you with one.

Click here to download a Provisional Sales & Purchase Agreement

Your lawyer will help you with this but below are some notes on filling in a Provisional S&P. If you're choosing to sign a Provisional S&P agreement before involving a lawyer - which ZAP does not recommend, please read these extremely carefully:

  1. Deposit Cheque: The signing of a Provisional S&P should be accompanied by an initial deposit cheque, normally 3% of the agreed purchase price (but can be in the region of 2-5% if the parties so desire). It is good practice for the buyer to make the cheque out to your chosen legal firm.
  2. Setting Formal S&P date: The parties must sign the Formal Sale and Purchase Agreement (Formal S&P) within 14 days of the signing of the Provisional S&P. A further deposit is payable to take the total deposit amount to 10% of the agreed (i.e. if the initial deposit was 3% then the additional deposit will be 7%). Therefore, in the Provisional Sales & Purchase Agreement both parties must confirm the date.
  3. Setting Final Completion date: The Final Completion Date is flexible, but 3-4 weeks after the signing of the Formal S&P is usually considered a reasonable amount of time. A total of 6 weeks from Provisional S&P to Completion is enough to complete most mortgages including those that involve the HKMC. The Purchaser's bank should advise him on this.
  4. Business Day: Get out your calendar! Completion date must be on a business day.
  5. Identification: Each party should provide the other with a signed photocopy of their HK I.D. card. This is not a legal requirement, but is good practice. If the other party is a company, please request a copy of their Business Registration (B.R.) document and use of company chop (ink stamp) upon signing.

N.B. It is possible for the parties to go straight to a Formal Sale & Purchase Agreement, however it is standard practice and recommended that a Provisional Agreement is entered into first. The Formal is a much more complex document and takes much more time for your lawyer to ratify, so the Provisional allows both parties to agree on the principal terms in a timely manner, as well as providing a document for the purchaser to apply for a mortgage.

Your lawyer will guide you through the remaining steps including the Formal S&P, communication with banks, and finally handing over the keys.

Final Inspections: It is recommended the purchaser saves one visit to the day before or day of completion to ensure everything is in order before the final balance is paid.

Hand Over: This can either be done in person or the lawyer can receive the keys from the seller if you desire.

TIP: If you're too busy to read this remember one thing - Use a lawyer to help you through the transaction. They are cheaper than agency fees and provide safer transactions. Click here to find out more