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Buying PropertyBack to top Back to main Skip to menu
China - Buying Property
There are many types of properties for sale in China, ranging from one-bedroom apartments to five bedroom bungalows, which is why it is important to determine what you want before you start your search. Currently, China does not have many restrictions on the type of property that expats can purchase. You can purchase a home from developers, agents or directly from the owners.
Factor in all the costs that will be incurred in the house purchase, determine the characteristics of your desired home, and research the location of the target property to make the house-hunting process as smooth as possible, and to find your dream home quickly.
Research is key to buying property in China. The more time you invest in shopping around, the better. You can use various tools to help you in your search including local newspapers, magazines, online property sites and classified listings among others.
China has many real estate agents that you can contact to help you find your dream home. Most of the agents have offices and may provide newsletters that show recently listed properties. One of the advantages of working with an agent is that they will provide you with a good idea of the current housing market as well as relevant information regarding the area you are interested in. In addition, English-speaking property agents can help you negotiate with property owners.
There are many newspapers and magazines that provide property listings as well as information regarding prices and market trends. Many prospective homebuyers prefer to use magazines when searching for properties for sale, because they provide an in-depth look of the Chinese real estate market as well as detailed graphs, diagrams and images of properties for sale.
The internet is one of the most helpful property search resources. A significant advantage of the internet is that it allows you to use multiple channels and resources to find the type of property you want. Through the internet, you can find property and market information, contact property agents or agencies and register for a newsletter. This resource allows you to find everything you need without leaving the comfort of your home.
Attending property shows allows you to see multiple properties sponsored by different agencies in one place. Real estate agencies in China usually hold property shows throughout the year. Some of the most popular property shows in China include the Beijing International Property Expo, which occurs from June 28 to July 1, the Shanghai Green Roof and Wall & Building Greening Exhibition, which takes place between June 29 and July 1.
Property Market Customs
The Chinese real estate market is quite different from those of Western nations. Therefore, it is important to understand how things work in the country before you invest in the property market.
Once you purchase a house in China, the title of ownership is yours, but the land on which the property stands still belongs to the government. What you are doing is simply renting the land.
Something else to bear in mind when buying property in China is the fast pace of the Chinese real estate market. This is because that many people in China pay for property purchases in cash. People hardly use loans and mortgages, making the process much faster.
There are some extra costs that come with property purchases in China. Getting a loan in China as an expat can be tedious and time consuming. In addition, owing property in China does not give you the right to residency. It is a good idea to check the current visa policy before investing in the Chinese property market.
Making An Offer
Buying property in China can be a long and tedious process if not properly undertaken. Research the rules and regulations carefully as they can change quite fast. Consider working with a lawyer or real estate agent to provide you with valuable information about what is expected from you and the requirements for a property purchase.
Once you find a property that meets your needs and specifications, you can make an offer. An offer is usually made in the form of a letter, with details of the price and other conditions that you should be met. The offer is usually accompanied with a deposit, which is often one percent or more of the sales price. The deposit proves to the owner that you are serious about the property purchase.
Once the owner accepts your offer, the next step would involve making certain financial arrangements. Whether you decide to pay for the property through a mortgage, check or cash, the public security bureau or real estate agent will have to approve the payment beforehand. You may be required to pay at least 30 percent of the value of the property, as well as taxes and other fees when signing your property purchase contract. In addition, the contract must be notarized after signing by both parties.
The deed is transferred to the buyer once you finish paying all the fees and both parties have signed the contract. You will be required to pay the remaining cost of the property after the transfer of the property deed. The property belongs to the buyer once they finish paying for it and has the deed signed over to them.
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