Buying a property in China

Making an offer, financials and deeds

Buying a property in China

The process of buying a property can be a daunting task if not done correctly. Its is important to properly research the rules and regulations beforehand as they are always changing. A lawyer or a sales agency can tell you what is to be expected from you and the things you will need to make a purchase.

Making an offer

After you have found a property that fits your needs and likes, an offer must be made. The offer is usually in the form of a letter that outlines the desired price and other conditions that you may require. A deposit is also submitted with the offer and usually consists of 1% or more of the sales price. This will show the owner that you are serious about the purchase and that their satisfaction is important to you.

Working out the financial details

Once the offer is accepted, financial arrangements will have to be set up. Whether it is paid through a loan, check, or cash, the payment method has to be approved by the real estate agent or the Public Security Bureau beforehand. Usually 30% of the property as well as all the taxes and fees are paid for when signing the contract. The contract must be notarized after the signing of both parties.

Deeds and ownership

Once all the fees are paid for and the contracts from both parties are signed, the deed is then transferred to the buyer. After the deed is transferred then it is up to the buyer to pay the remaining cost of the property. Once the deed is signed over to the buyer and the remainder is paid for the property is finally yours.

Further reading

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