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

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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