Here you will find a step-by-step guide to eStamping (rental agreement). Under the Landlords and Tenants (Consolidation) (Amendment) Regulations 2004, you and your tenant can decide whether to renew a lease agreement established on or after July 9, 2004. However, if there is an option to renew the clause in your existing lease agreement or other written agreement, your tenant will retain the right to extend the lease. You can search for a tenant yourself or hire a licensed real estate agent to take care of the rental of your property. In both cases, you need to provide your potential tenant with accurate real estate information before entering into a lease. If you opt for an agent, you should clarify with him the details of the order such as the amount of the commission and the date of payment before signing the brokerage contract. A rental agreement must be stamped within 30 days of performance. You can affix a rental agreement on the Internet, by mail or in person at the stamp office of the tax office. Landlords and tenants are subject to stamp tax.
Subject to individual agreement, the payment of stamp duty is generally divided between the lessor and the tenant. If your property is still under mortgage, you should obtain the prior agreement of the mortgage borrower for the rental of the property. Otherwise, you risk contravening your mortgage contract and your borrower could repossess the property. In the absence of an explicit agreement on the payment of rent and cancellation conditions in case of non-payment of rent, your rental agreement means that the tenant must pay the rent on the day of due date and that the rental agreement expires for a period of 15 days after non-payment. There are 3 methods to stamp rentals. The DIY Residential Tenancy Agreement (E-Paket) E-Pack aims to help the public enter into an independent lease agreement for their homes without the expense and efforts of a lawyer. The stamp is only used to validate the lease in case it is submitted to the courts. The lease continues even though the original contract has expired, but in the absence of a stamped agreement, neither party can sue the other party. You must, within one month of the conclusion of a lease agreement, submit to the Rating and Evaluation Division, for confirmation, a new lease or a new renewal agreement. For late deposit, a fee of HK$310 is charged. With a copy of the notification that will be returned after confirmation, you will be entitled to take legal action to claim the rent if necessary.
That`s the problem I have with all the renewal. Had renewed several contracts (leasing) in the years that continued after the end date of the contract, and not «renewed» and did not pay stamp duty. A friend of mine still rents the same place 10 years after the end date of the «contract» paid without renewal or stamp duty….