[photopress:quingpu.jpg,full,alignright]Youth Daily reports that starting next year Shanghai’s housing administrator will require online records for all second-hand property transactions. Trial operations will be launched in the city’s six districts and Chongming County on December 18 so it is happening at some speed.
According to a new regulation issued by the Shanghai Municipal Housing, Land and Resource Administration Bureau online records will be a must for any second-hand property; otherwise, their sales or rent contracts won’t be recorded in the official database.
Properties that have more than one agent will only get one online record to avoid repeated sales.
The real-estate trading centers in Jiading, Songjiang, Jinshan, Nanhui, Fengxian, Qingpu and Chongming districts will refuse to register transaction applications for properties without online records beginning from Dec. 18.
An official with the bureau said, ‘It will be an essential way to further protect the benefits of buyers as houses with false information won’t be recorded in the official database.’
Local property agents are required to update their qualification certificates on the official Website of the Shanghai Real-Estate Trading Center, and they can apply for permits for handling online transactions from the center.
The center is responsible for recording every second-hand property transaction and for publishing information on local real-estate agents. Meanwhile, the center will provide authentic sample contracts that are needed during second-hand property transactions. The official said, ‘These services are all free, and help to evade fraud.’
Source: Shanghai Daily