New prop­erty trans­ac­tion rules go into ef­fect

The China Post - - LOCAL -

Start­ing to­day, real es­tate bro­kers will be re­quired to pro­vide prospec­tive buy­ers with more com­pre­hen­sive in­for­ma­tion, in­clud­ing records of any un­nat­u­ral deaths that may have oc­curred on the prop­erty, Deputy In­te­rior Min­is­ter Chen Ch­wen-jing said Wed­nes­day.

Chen said the num­ber of items on the check­list for real es­tate bro­kers will be in­creased from 90 to around 200, with ef­fect from Oct. 1. One of the ma­jor changes is the re­quire­ment for full dis­clo­sure of any mur­ders, sui­cides or death by car­bon monox­ide poi­son­ing that may have oc­curred dur­ing the own­er­ship of the seller, he said.

Real es­tate bro­kers will also be re­quired to pro­vide prospec­tive buy­ers with de­tailed in­for­ma­tion per­tain­ing to the site and its en­vi­rons, Chen said. For ex­am­ple, if they are list­ing a house for sale, they will have to state whether it has any vis­i­ble de­fects, list the di­rec­tion it faces, and de­tail the fa­cil­i­ties and struc­tures within a 300 me­ter ra­dius, the min­istry said.

The list of sur­round­ing struc­tures should in­clude su­per­mar­kets, schools, po­lice sta­tions, ad­min­is­tra­tive agen­cies, sta­di­ums, air­ports, power sta­tions, tem­ples, fu­neral par­lors, ceme­ter­ies, in­cin­er­a­tors, garbage dumps, and petrol sta­tions, ac­cord­ing to the min­istry.

In the case of pre­fab­ri­cated houses, the real es­tate bro­kers must pro­vide records of any flood­ing within 300 me­ters of the prop­erty in the last five years, ac­cord­ing to Chen.

Hsu Chia-hsin , a real es­tate an­a­lyst at HB Hous­ing, said the new reg­u­la­tions will stretch the trans­ac­tion pe­riod and lead to dis­putes.

For in­stance, it will be dif­fi­cult to find out whether there had been any mur­ders in a house listed for sale, Hsu said.

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