1. Overall timeline
A standard HK residential purchase takes 45–90 days from offer to completion. Buyers with mortgage Approval-in-Principle in hand can complete in 45 days; those requiring fresh mortgage assessment or stress-testing extend to 60–90 days.
Negotiation happens in a narrow 3–14 day window before PASP signing — this is where your final price is decided.
2. The 10 steps in detail
1️⃣ Budget & mortgage AIP — obtain approval-in-principle from 2–3 banks.
2️⃣ Engage estate agent & viewings — pick 1–2 agents active in your target estate.
3️⃣ Request comparable sales — same-block and neighbouring-block transactions over the last 6 months.
4️⃣ Make a counter-offer (negotiate) — the critical window where an independent buyer-side negotiator adds most value.
5️⃣ Sign the Provisional Sales & Purchase Agreement (PASP) — typically within 24 hours of price agreement, paying an initial deposit (3–5% of price).
6️⃣ Engage solicitor — title investigation, mortgage documents, stamp duty, conveyancing.
7️⃣ Sign the formal Sales & Purchase Agreement — within 14 days of PASP, topping deposit up to 10%.
8️⃣ Formal mortgage application — bank valuation, approval, mortgage instructions to solicitor.
9️⃣ Pay stamp duty — within 30 days of PASP signing.
🔟 Completion — final payment, deed transfer, keys handover.
3. Cash required at each step (HK$10M first-time example)
| Stage | Item | Amount (HK$) |
|---|---|---|
| PASP | Initial deposit (5%) | 500,000 |
| Formal S&PA (within 14 days) | Top-up to 10% | 500,000 |
| Within 30 days | Stamp duty | 370,000 |
| Completion | Solicitor's fees (buyer) | 10,000 – 18,000 |
| Completion | Agent commission (1%) | 100,000 |
| Completion | Balance of down-payment (30% – 10% paid) | 2,000,000 |
| Mortgage amount | 70% mortgage | 7,000,000 |
4. Common pitfalls
🚩 Under-valuation: bank valuation below agreed price → LTV compressed, buyer must top up down-payment. Always obtain a valuation quote before signing PASP.
🚩 Seller reneges: verbal agreement but pre-PASP, a higher offer arrives and the seller walks away. The only protection is signing PASP fast.
🚩 Deposit forfeiture: buyer withdraws post-PASP → forfeits 5% and may face damages.
🚩 Stamp duty cashflow: many buyers forget to reserve for the 30-day stamp-duty deadline.
🚩 Title defects: solicitor's title check uncovers issues, delaying or killing completion.
5. FAQ
Can I cancel if the mortgage is short-approved?+
No. Standard PASP terms don't allow withdrawal for mortgage reasons. If your mortgage falls short, you must top up the down-payment or forfeit the 5% deposit. Always confirm the mortgage before signing.
Is the process different for primary sales?+
Yes — primary (new) sales use developer's standard contracts, with more payment plans and cash rebates but less negotiation room. This guide focuses on secondary market where discounts are meaningful.
What must I ask the agent at viewings?+
At minimum: reason for sale, days on market, seller's acquisition price, same-block sales in the last 6 months, saleable-area ratio, management fee, illegal structures, outstanding works.