Post-Auction:

Upon the successful conclusion of the auction, contract signing is facilitated through PropBid, ensuring a seamless and legally sound transition of ownership.

The finalization of the transaction must be made on or before the stipulated transaction completion date. The bidder’s designated legal representative will oversee this process, ensuring all financial obligations are met in accordance with the legal stipulations of the sale.

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Pre-Auction Preparations for Sellers:

Sellers are required to establish a reserve price in consultation with PropBid, which reflects the minimum acceptable sale price for the property.

An auction fee is to be prepaid by the seller prior to the auction commencement as part of the agreement with PropBid.

The terms of the auction, inclusive of the bidding duration, which can range from 24 hours to 30 days from the date the auction is listed online, are to be agreed upon between the seller and PropBid.

Pre-Auction Obligations:

Bidders, upon confirming their participation in the auction, shall pay a deposit of HKD 1000 as a guarantee fee.

Post-Auction Obligations:

Bidders are obligated to remit a reservation fee amounting to 10% of the final bid within 4 hours following the conclusion of the auction.

The remaining balance of the purchase price, along with a commission fee of 0.8%, is to be paid in full by the buyer either before or on the designated transaction completion date.

FAQ