For Property Buyers

There are five main stages in the successful purchase of a property in Shenyang, North East China:

1. Search / Hunting

2. Finance

   1. Negotiation

   2. Contract of Sale

   3. Settlement

Search - Checklist

• 1. Where in Shenyang city do you want to buy?

  2. What type of property do you want to buy?

  3. How can you find properties that match your criteria?

  4. Prioritize your requirements.

  5. Be prepared to compromise.

  6. Check out the locality including roads, public transport, schools, shops, parks etc.

  7. Ensure the property is not over-priced.

  8. Compare the prices paid for other properties in the area where you are looking.

  9. For an investment property in Shenyang, buy where demand consistently outpaces supply.

  10. Don’t wait for the perfect market conditions – they will never appear and you’ll miss out on significant capital growth.

2. Finance - Checklist

• 1. What is your budget?

  2. How much is the real estate agency charges?

  3. Look at the fine print for monthly service fees and other charges.

  4. There are some hidden costs of buying, such as stamp duty, mortgage insurance, settlement agent fees, building inspection etc.

3. Negotiations - Main Issues

• 1. Why is the vendor selling?

  2. Is he desperate to sell?

  3. Don’t be afraid to negotiate aggressively.

  4. Cost of both essential repairs and improvements that you would like to make?

  5. Make a list of these extra costs and present it to the selling agent.

  6. Make sure you know what’s included in the asking price, and negotiate on anything extra you would like to be included at an early stage.

4. Contract of Sale

1. Once the offer is accepted, it is a legally binding document, i.e. it becomes a Contract.

2. If the original offer is counter-offered, the original offer is no more legally binding.

3. The counter-offer leaves the seller at risk of losing the buyer.

4. If your offer on a property in Perth is counter-offered, you should take your time and reconsider your position.

5. If you are buying privately, you are usually required to pay a deposit.

5. Settlement

1. You will need to organize formal finance approval within the specified time frame.

2. The Contract of Sale will state the amount of time you have to settle the conditions.

3. The Perth settlement agent will do the conveyancing work at the agreed fee (the fee can vary from agent to agent).

4. Your settlement agent is going to prepare a Transfer of Land document and arrange for your signature. This will take place at least two weeks prior to the settlement date.

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