In this international metropolis of Hong Kong, the real estate market has always been a focal point, attracting the attention of investors from both domestic and international arenas. However, buying or selling property in Hong Kong is not a straightforward task. It requires understanding and adhering to a series of intricate transaction processes and procedures.

Firstly, buyers need to determine their needs and budget, then search for suitable properties through various channels. These channels include real estate agents, property websites, newspaper advertisements, and personal referrals. In Hong Kong, real estate agents typically provide professional services to assist buyers in finding ideal properties and arranging property viewings.

Once a buyer finds a desirable property, the next step is to sign the sale and purchase agreement. In Hong Kong, both buyer and seller typically engage their respective lawyers to draft the sale and purchase agreement and negotiate its terms. The agreement will include detailed information about the property, price, payment method, completion date, as well as the responsibilities and obligations of both parties.

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For buyers requiring a mortgage to purchase property, the next step involves applying for a loan from a bank and awaiting approval. Buyers need to provide personal information and financial details for the bank to assess their creditworthiness and repayment ability. Once the loan is approved, buyers can proceed with the subsequent transaction steps.

Before signing the formal contract, buyers usually need to pay a deposit as earnest money. The amount of this deposit is typically a portion of the property price, with the specific amount determined through negotiation between the buyer and seller. By paying the deposit, buyers indicate their serious intention to purchase the property.

After signing the formal contract, buyers and sellers need to complete the transfer procedures. This includes submitting a transfer application to the Land Registry, paying stamp duty, conducting property valuation, and processing relevant documents. Generally, these procedures are handled by lawyers on behalf of the buyers, who only need to provide necessary documents and funds before the specified deadline.

Upon completing the transfer procedures, buyers need to pay the remaining balance of the property price, known as the final payment. This amount is typically paid to the seller on the day of property completion, and it can be completed through telegraphic transfer or bank transfer.

Finally, on the completion day, buyers and sellers need to conduct completion procedures at the designated time and place. On this day, buyers need to pay the remaining balance of the property price, while sellers need to deliver the property's title deed and relevant documents, and sign transfer documents. After completing the completion procedures, ownership of the property is officially transferred, and the buyer becomes the new property owner.