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Q: What is the standard procedure for selling an apartment in China?
My apt. in Harbin is currently up for sale with a prominent real estate company. I have been told upon selling my house i will receive a certain percentage, and the rest ( if the homeowner has a mortgage) will be paid upto three months later. Has anyone had this experience? If so what are some contractual details i need to be aware or cautious of? Thanks a ton.
I had this experience when buying. Mortgage is approved etc, but you need to join a waiting list for the funds to be realesed to the seller. In our case, the mortgage was approved in December, the deeds were signed and red thumberprinted, but we had to wait till May for the funds to be transferred.
We bought an apartment we were renting. The official line is that it is to control speculation. I think it is to ensure you can pay the mortgage. We had to pay both mortgage and rent before central Government released funds to the seller.
ScotsAlan:
As an afterthought. The bank was stupidly flexible when it came to income. Our application included income from our daughters Taobao modelling photos. The bank was basically throwing money at us in an almost subprime manner. They took the weakest evidence to give us the loan. So yeah. Pain in the arse to have to wait for the money, but it makes sense.
