{"id":124012,"date":"2021-12-29T18:32:22","date_gmt":"2021-12-29T11:32:22","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-to-scrap-middleman-role-of-law-firms-in-mortgage-transactions-to-protect-homebuyers\/"},"modified":"2021-12-29T19:05:00","modified_gmt":"2021-12-29T12:05:00","slug":"hong-kong-to-scrap-middleman-role-of-law-firms-in-mortgage-transactions-to-protect-homebuyers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-to-scrap-middleman-role-of-law-firms-in-mortgage-transactions-to-protect-homebuyers\/","title":{"rendered":"Hong Kong to scrap middleman role of law firms in mortgage transactions to protect homebuyers"},"content":{"rendered":"


\nThe 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\u2026
\n
\nSource : South China Morning Post
\nRead more…Hong Kong to scrap middleman role of law firms in mortgage transactions to protect homebuyers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The role of lawyers as middlemen in residential mortgage transactions is to be abolished under...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-124012","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-wgc","jetpack-related-posts":[{"id":127864,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-to-cut-out-lawyers-role-in-mortgage-transfers-in-pilot-plan-to-protect-buyers-from-insolvent-legal-firms\/","url_meta":{"origin":124012,"position":0},"title":"Hong Kong to cut out lawyers\u2019 role in mortgage transfers in pilot plan to protect buyers from insolvent legal firms","date":"July 20, 2022","format":false,"excerpt":"\r As many as 25 law firms became insolvent over the past 10 years, trapping more than HK$530 million of funds by 1,500 homebuyers in escrow, requiring them two years on average to get their money back, according to a Legislative Council document and court papers.\r \r Source : South\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118072,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/four-tips-for-homebuyers-catching-a-surprise-revival-in-hong-kong-housing-market\/","url_meta":{"origin":124012,"position":1},"title":"Four tips for homebuyers catching a surprise revival in Hong Kong housing market","date":"August 4, 2020","format":false,"excerpt":"\r Hong Kong\u2019s property market is showing some resilience of late as buyers throng showrooms on weekends in spite of the threat of rising Covid-19 infections, with prices and buying sentiment on the ascent.The upturn has come on the back brisk transactions in June and July amid expectations the Covid-19\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99112,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/as-homebuyers-wait-on-the-sidelines-builders-tempt-them-with-special-mortgage-rates-cash-discounts\/","url_meta":{"origin":124012,"position":2},"title":"As homebuyers wait on the sidelines, builders tempt them with special mortgage rates, cash discounts","date":"October 4, 2018","format":false,"excerpt":"\r Hong Kong developers are offering cash rebates and lower mortgage rates to drum up sales after residential transactions hit a 20-month low, as rising interest rates, volatile stock market and worsening US-China trade war keep buyers on the sidelines. Vanke Property (Hong Kong), a wholly owned unit of China\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54115,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-homebuyers-turn-to-finance-companies-as-banks-tighten-mortgage-lending\/","url_meta":{"origin":124012,"position":3},"title":"Hong Kong homebuyers turn to finance companies as banks tighten mortgage lending","date":"May 9, 2017","format":false,"excerpt":"\r Buyers of new flats seeking to minimise their down payments are increasingly choosing home loans from finance companies, which are beyond the reach of the banking regulator, according to a survey. Centaline Property Agency found that nearly 18 per cent, or HK$2.6 billion, of the estimated HK$14.7 billion in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55957,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-homebuyers-unfazed-by-tighter-mortgage-rules-as-14000-register-for-chueng-kong-project\/","url_meta":{"origin":124012,"position":4},"title":"Hong Kong homebuyers unfazed by tighter mortgage rules as 14,000 register for Chueng Kong project","date":"May 25, 2017","format":false,"excerpt":"\r Cheung Kong Property Holdings\u2019 Ocean Pride development in Tsuen Wan has become the most sought after project since August last year after it registered 14,000 prospective buyers who were unfazed by the Hong Kong banking regulator\u2019s moves to tighten mortgage lending for investors. Sun Hung Kai Properties registered 16,700\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":150020,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-mortgage-loans-surge-to-9-month-high-as-new-homebuyers-seek-more-financing\/","url_meta":{"origin":124012,"position":5},"title":"Hong Kong mortgage loans surge to 9-month high as new homebuyers seek more financing","date":"March 31, 2025","format":false,"excerpt":"\r Financial institutions approved mortgage loan applications worth US$3.3 billion in February.\r \r Source : South China Morning Post\r Read more...Hong Kong mortgage loans surge to 9-month high as new homebuyers seek more financing","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/124012"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=124012"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/124012\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=124012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=124012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=124012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}