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Buying property in China can be a straightforward experience, but it can also get caught up in a tangle of conflicting local and national laws and the like. It is for this reason that a local, trusted lawyer is essential to help with all proceedings, and to make sure any potential pitfalls are avoided. It is also necessary for a foreign buyer wishing to invest in China to have a notarised Chinese name - this can be carried out in China or at a local embassy. The entire buying process can be carried out remotely, if a buyer so wishes, and they only need to give permission to their representative in China.
Once a property fo sale in China has been decided upon and a price has been agreed, a pre-contract - sometimes known as a Customer Confirmation Agreement - is signed and a deposit of around 10 percent is paid. The Chinese property transfer process is then carried out, which ends with the date when the title transfer will be completed - legal checks and the like are finalised and the final contract is signed. All remaining fees and taxes are now paid in full.
Taxes and fees usually amount to around 10 percent of the total cost, though this can vary significantly in different provinces and for different types of Chinese property for sale.
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