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December 15, 2020

Rental Agreement Stamp Duty Hk

Filed under: Uncategorized — Mark Baker @ 10:52 pm

If your property is still under mortgage, you must remediat the borrower`s prior consent. Otherwise, you may violate your mortgage agreement and your mortgage could recover the property. Stamp stamp certificates issued by Stamp Revenue`s collector have the same legal status as conventional instrument stamps. To verify the authenticity of the certificates, see www.gov.hk/estamping. You and your tenant can usually choose between you the terms of the tenancy agreement, unless they are contrary to the landlord and tenant regulations. You can search for a tenant on your own or appoint a licensed real estate agent to take over the rental of your property. In both cases, you must provide your potential customer with specific characteristic information before entering into a lease agreement. If you decide to hire an agent, you should settle with him or his engagement details, such as the amount of the commission and the date of payment before signing the contract of the real estate agency. A tenancy agreement should define what you and your tenant have agreed as your respective rights and obligations. However, certain rights and obligations are implied in a lease agreement, unless there are provisions to the contrary in the lease.

One of your obligations involves, for example, that your tenant can enjoy the property and the conditions of the property during the apartment. A fixed-term lease, established on or after July 9, 2004, expires at the end of its term. Landlords and tenants do not have to issue notices of termination. You or your tenant may also prematurely terminate the tenancy agreement by mutual agreement or in the event of a termination clause in accordance with the contract. A rental document is usually executed in counter-parts, both transferred to the Stamp Office of the Inland Revenue Department within 30 days of the execution date. You should submit a notice of a new lease or renewal agreement to the rating and valuation department for approval within one month of the execution of a lease agreement. In case of late filing, a fee of 310 HK is charged. If a copy of the notification is returned after approval, you have the right to take legal action to claim rent if necessary.

Personally at the Stamp Office: Address is 3/F, Revenue Tower, 5 Gloucester Road, Wan Chai, HK, you can visit the office, present the original lease for the stamp and pay stamp duty. The e-Stamping system generates stamp certificates to replace traditional stamps. Stamp certificates are issued online or within 2 business days of receiving the stamp duty offline upon receipt of the stamp duty. You should inform your tenant if you decide to sell your rented property. If no new agreement is reached between your tenant and the new owner of the property, the terms of the existing lease will continue to apply. Don`t forget to clarify with the tenant and the new landlord the responsibility for the repayment of the deposit to the tenant. There are 3 ways to stamp rentals. There is a two-month tenancy period in a three-year lease and $10,000 per month in rent.

How do I calculate stamp duty for this lease? A more important consequence is that the Court of Justice cannot accept an unstamped rental document as evidence in civil proceedings. In other words, one party will have difficulty enforcing the lease document against the other party (who violated the lease or lease) in court. Under the Landlords and Tenants Regulations (consolidation decree), your tenancy agreement means that the tenant must pay the rent on the due date and that the tenancy agreement is cancelled after non-payment for 15 days in the absence of an explicit agreement on the payment of the rent.

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