The role of lawyers as middlemen in residential mortgage transactions is to be abolished under new rules designed to protect Hong Kong homebuyers.The change will allow a bank to pay the mortgage loan secured by a homebuyer directly into the bank account of the seller electronically. The buyer would then use a cashier order to pay the remaining balance to the seller.The new rule, put forward by the Hong Kong Monetary Authority on Wednesday, is aimed at protecting buyers who find themselves out…
Source : South China Morning Post
Read more…Hong Kong to scrap middleman role of law firms in mortgage transactions to protect homebuyers
