Experts Advice - Guide to Purchasing Car Park
“Guide to Purchasing Properties” jointly prepared by Consumer Council and Estate Agent’s Authority, SOME of the important points to check when purchasing properties are :
1. When you look at a property, its permitted use is not always as obvious as it appears to be, such as in strata titled building, the Occupation
Permit and the Deed of Mutual Covenant (D.M.C) of the building restricts user restrictions of each unit of the property to "residential"
Parkinghk.com's comment, owner sometimes turns a car park adjacent to a corridor into 2 small car parks. Worse still, sometimes
a car park is found to be a store room.
Buyer or investor should check with floor plan of Lands Registry to confirm exact location of car park.
Buildings Dept stipulates all HK car parks are 7ft by 16 ft, height is restricted by car park entrance. With photo, prior inspection is
not necessry.
2. Maintenance
If new properties are located near a slope, developer’s sales brochure, which should include a plan for this slope, Government Lease and DMC
should state the party responsible for slope maintenance.
3. Signing an Agreement for Sale and Purchase
Before signing a provisional agreement for S & P, buyers should have latest information on vendor’s title and make it a requirement that
deposits are paid to solicitors as stakeholders.
Parkinghk.com's comment, online Agreement is provided to make sure both parties interest are protected, and to avoid the potential conflict
in these interests in the future.
Parkinghk.com also provides online Land Registry search to confirm latest ownership of property.
4. Date for Delivery for Possession
When purchasing any property, Provisional Sales & Purchase Agreement should remark vacant possession on sales completion date.
( please note this article is only for reference, it does not mean for investment advice)
For reference only. It is not investment advice.