sorry but this is a repost from planning your move section of the forum.
my good friend bought a property at Seasons Monarch for 9.3 mil hkd. I believe it is first purchase, which means he is buying it from the developer. There is a sales promotion for Seasons Monarch properties where the developer will pay for your stamp duty. As you know the stamp duty for property cost more than 6.7 mil hkd is 3.75%, which is sizable amount of money.
The problem is that the developer (one of Cheung Kong's shell companies) will only pay the stamp duty after the finalization of the sale (which means after the purchase payment is complete). The real estate agent told my friend to pay 500 hkd postponement fee to mortage banks to delay the payment of stamp duty.
I have two questions (they're sort of related).
1. When do you have to pay the stamp duty? My friend is going to see the conveyance lawyer mid august to pay the remaining 8.865 mil hkd. does he need to give the stamp duty amount to the lawyer before mid august then wait for the developer to reimburse him the amount?
2. 500 hkd stamp duty postponement mortgage fee to the bank only applies if you get the mortgage. But if my friend is able to get finance without using banks, does he need to use the conveyance lawyer to postpone the stamp duty payment? Or can he just go to the gov office and tell them the developer will pay them later (i donno whether it is the Inland Revenue office or the Land Registry office).
thanks for your help. purchasing properties in hong kong is not that easy. there are so many little hidden fees that'll nickel and dime all the enthusiasm out of you.