Government to impose stricter property data law

Among required information are agreements for sale and purchase date, units being sold, and transacted amount.

From August 12, developers of first-hand uncompleted private residential properties must state the estimated completion date of the project when making the transaction information public, the Transport & Housing Bureau said in its report.

They must provide information on ancelled transactions within five working days after the agreements for sale and purchase are cancelled.

Presently developers have to make available in the sales offices and on their websites transaction information on uncompleted first-hand residential properties within five working days after the signing of the preliminary agreements for sale and purchase.

The information required includes the date of the agreements for sale and purchase, the units being sold, the transacted amount and those transactions which involve developers' board members, and their immediate family members.

From August 12, developers must also indicate the development's estimated completion date. Also, when there are changes to the estimated completion date, developers must update the information within five working days.

Following the development's completion and upon the issue of the Certificate of Compliance or the consent of the Director of Lands to assign - whichever is earlier - the developer must within one month notify the purchasers in writing it is in a position to validly assign the units. The sale and purchase must be completed within 14 days of the date of the developer's notification to the purchasers.

Developers must make public any cancellation of agreements for sale and purchase within five working days after the agreements are cancelled, from August 12.