Overseas property enquiries: currency, title, agents and handover
Overseas property should be checked under the system of the place where it is located. First confirm the actual location, the currency of the quotation, the title or leasehold interest and the responsible parties. Do not apply Hong Kong transaction experience directly, or compare total cost on the converted price alone.
What costs are there beyond the quoted price?
Ask for the price, payment schedule and fee items to be listed in the original currency. Currency exchange, local taxes, and transaction, management, maintenance and resale costs need to be checked separately for the specific property and your own circumstances. For claims about rent or returns, read the assumptions, the conditions and who is responsible for delivering them.
- Record the original-currency quotation and the converted reference figure separately.
- Find out who the money is paid to, when, and the related documents.
- Do not treat a letting arrangement that is not guaranteed as certain income.
How do you check the property and the responsible parties?
Check the country, city, full address, the property's status and the related documents. Find out the identity and duties of the developer, the local agent and the manager, and have a suitable independent professional in that place check the title, restrictions and transaction terms. Remote photos or models may not reflect what is actually handed over.
How is it managed after handover?
Ask about the arrangements for acceptance inspection, maintenance, day-to-day management and emergency repairs. If you plan to let it, find out who is responsible for finding tenants, collecting rent, dealing with vacancies and providing accounts. Time differences and language across borders also affect follow-up, so settle clear ways of communicating and handling documents first.
Common questions
Can overseas quotations be compared directly once converted into Hong Kong dollars?
Only as an initial reference. Exchange rates, local costs, title and payment terms differ, so keep the original-currency quotation and check the overall cost.