The Sales of First-hand Residential Properties Authority (SRPA) today (May 18) issued a reminder to prospective purchasers of first-hand residential properties, advising them to study sales information before purchasing first-hand residential properties, in particular information of various mortgage loan plans set out in price lists, registers of transactions (Note 1) and consumption tables (Note 2) displayed in sales offices in order to make an informed choice.
 
     The SRPA advises prospective purchasers that if they would like to select from various mortgage loan plans offered by financial institutions specified by vendors in the price lists, they must study the details of the plans carefully before entering into a preliminary agreement for sale and purchase (PASP). If prospective purchasers have any questions about the mortgage loan plans, they should check with the financial institutions concerned direct before entering into a PASP.
 
     "Prospective purchasers should also deliberate in advance before flat selection that if the properties within their budget are sold out, whether they are able to afford other properties which cost more," the SRPA spokesman added.
 
     Prospective purchasers should also check the register of transactions concerned to learn about the overall sales conditions of a development throughout the whole sales period. They must avoid taking the number of registrations of intent or cashier orders a vendor has received for the purpose of registration as an indicator of the sales volume of a development.
 
     Prospective purchasers at a sales office could find out from the consumption table which first-hand residential properties are available for selection. If prospective purchasers have any questions, they should check for themselves the updated sales conditions from the consumption table and check with vendors direct.
 
     "Flat buying is not a light issue. When purchasing a first-hand residential property, prospective purchasers should assess affordability and be cool-headed. Never be affected by the tense and hectic atmosphere in a sales office and believe in rumours about the sales conditions of a development. Do not enter into a PASP on impulse," the SRPA spokesman reiterated.
 
Note 1: Vendors disclose in registers of transactions information on a PASP within 24 hours after the PASP is signed, and disclose information on an agreement for sale and purchase (ASP) within one working day after the ASP is signed.
 
Note 2: The SRPA advised vendors in 2015 to display a consumption table at a sales office to show information on the progress of sale on a date of sale. The information includes which residential properties are offered for sale at the beginning of that date of sale and which of them have been selected and sold during that date of sale.

Ends/Thursday, May 18, 2017
Issued at HKT 15:01

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