Imagine you have lived in China for a long period, and you are tired of paying rent. Now, you begin to consider the possibility of purchasing an apartment for you and your family to live in China. With the regulations which limite foreigners to buy house, you may ask yourself “ am I qualified ”?
This article will give you the answer.
1. Foreigners who have worked or studied in China over one year are permitted to buy their own property.
2. Foreigners can only own one property in China, and the property has to be self-residential, which is not allow to be rent out .
3. Foreigners who want to purchase a commercial or industrial property, are required to register a company in China first.
4. Foreigners have to use Chinese names to buy properties in China, and the name should be the same as the one you registered in National Security Bureau.
5. if a mortgage is needed, the down payment to the house-seller is 30% of the price in RMB.
6. If a foreigner wants to buy the second property, you`d better consult a local attorney, since the restriction is tight.
Step 1: Obtain a proof of your one-year residence in the local City Public Security Bureau.
Step 2: Find your ideal residence ,and you can appoint an agent to make the process go more smoothly.
Step 3: Draft and sign an “Official Sale Contract“ with the seller, which has to be notarized .
Step 4: Go to the local Administration Office of Foreigners to otain the purchase approval by the government.
Step 5: If you are buying a second-hand house, you have to transfer the title of the house under your name.
Step 6: After a few weeks, the Ownership Certificate will be issued to you and you will become an official homeowner in China.
1. Take extreme caution and thoroughly examine the seller and target property before you sign any contracts.
2. Avoid of buying an old property, since the Chinese government has the right to purchase the property which has been built for 70 years, on the purpose of renew construction.
3. Make sure the seller has paid off the mortgage of the property before you make the purchase, if you are buying a second-hand house.
To buy a house in China will be exciting but also challenging, so please don`t forget to do your homework ahead of time, so that you can be legally and financially prepared when signing the purchasing the contract for your new house.
If you have any further questions about buying property in China, please do not hesitate to contact HACOS.
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