The new law will initially cover secondary market transactions before being extended to new flats. Photo: Sam Tsang
The new law will initially cover secondary market transactions before being extended to new flats. Photo: Sam Tsang

Hong Kong to scrap middleman role of law firms in mortgage transactions to protect homebuyers

  • A new rule will allow a bank to pay the mortgage loan secured by a homebuyer directly into the bank account of the seller electronically
  • The move aims to protect buyers who find themselves out of pocket when the law firm handling their transaction goes bust

Topic |   Hong Kong property
The new law will initially cover secondary market transactions before being extended to new flats. Photo: Sam Tsang
The new law will initially cover secondary market transactions before being extended to new flats. Photo: Sam Tsang
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