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Chongqing Liangjiang New Area opened its online secondhand housing transaction system at the end of August. The system is designed to regulate the real estate market and avoid potentially illegal transactions, according to an official from Chongqing Liangjiang New Area land resource and housing administration, on Sept 22.

Real estate agents can conduct secondhand housing transactions on the online system only when houses with legal property rights certificates have had their information verified. Both parties to the transaction can fill in and sign their contracts on the Internet, which will ultimately save time and money.

The system is designed to streamline the real estate market and make housing transactions more efficient. It also aims to minimize the potential for unlawful behavior.

Secondhand house buyers will benefit directly from the online system. Previously, individuals wishing to buy a secondhand house often needed to overcome several potential hazards, such as houses being sold below their true value, and the problem of fake contracts.

The online system is expected to be a transparent platform to disclose genuine property records, prices, and the number of transactions that have taken place on a particular property. The new measures should help safeguard buyers and sellers in the secondhand market. Under the new platform, house owners can be confident of their full legal rights.

Edited by James Skinner