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A Guide To Renting Without Agents

A Guide To Renting Without Agents

For Landlords

You can save at least 1 month's rent in Agency Fees!

In Hong Kong, most landlords and tenants sign a standard Tenancy Agreement. This can be downloaded from the link above or alternatively, you can purchase one at your local stationary shop.

Once signed by both parties, the Tenancy Agreement must be stamped by the Inland Revenue Department (IRD) within 30 days. The stamping process has been made easy through the e-stamping  service that is available on the IRD's website.  The link above should take you directly there.

Alternative methods of stamping are also detailed on their website.

 

For Both Parties

You should be familiar with the Landlord and Tenant Consolidation ordinance which outlines the rights and responsibilities of tenants and landlords.  A summarised version is available for download here:  Chinese (
Traditional / Simplified) / English)

Source: http://www.rvd.gov.hk/tc/public/landlord.htm

 

 

 

A Guide To Selling / Purchasing Property Without Agents

 

For Both Parties

You've just saved at least 1% of the property sale price in  Agency Fees!

 

Once have done your research on how much you can afford and you are sure about the property you want to buy and have agreed on the price and all of the terms and conditions, a Provisional Sale and Purchase agreement must be signed. It is advisable to appoint a Solicitor to handle the documentation, carry out the land search (for the buyer) and be the intermediary between the buyer and the seller.  There is no standard fee for a Solicitor so shop around.

 A deposit (5% of the sale price) is paid to the owner or owner's Solicitor. If you change your mind, you lose the deposit.  (If you were to go through an Agent, you would still have to pay the agent's fee of 1% of the price!)


Within 14 days, the final Sales and Purchase Agreement should be drawn up between the solicitors on both sides, then signed. A further deposit of 5-10% makes the agreement legally binding. By this time, any mortgage should be confirmed and a mortgage deed signed as well.


The balance on the purchase must be paid to the seller's solicitor within two to three months. The seller's solicitor will inform you about the payment of government rates and management fees. In addition stamp duty is calculated on the value of the property (usually between 0.75 and 3.75%) and becomes payable to the Inland Revenue Department.

 

Additional Information For Buyers

If your Solicitor does not carry out a land search for you, you may do this yourself.

Land search

 

Counter Search and Self-service Search

At the Land Registry's Customer Centre at Queensway and the Search Offices in the New Territories (NTSOs), customers can conduct search of land registers and place orders for imaged land documents for properties anywhere in the territory through our Counter Search and Self-service Search services.

IRIS Online Services

The IRIS Online Services provides users with a full range of search services through the Internet.

The IRIS Online Services will be available in two forms: on Ad Hoc Basis and Subscription Basis.

Customers can make use of the IRIS Online Services to place orders on-line for copies of land records. The delivery methods to receive copies of land records are view by browser, by download, by email, by fax, by mail and by collection over counters. Delivery methods may differ depending on the Order Type, Nature, Colouring, File Size or No. of Pages, etc.

IRIS Website: Click here

 

Important Note

Hong Kong Property Search (HKPS) has provided the above guidance notes for information only.  Hong Kong legislation may change from time to time.  It is the landlord's/tenant's responsibility to carry out their own due diligence and HKPS accepts no liability for the accuracy of the information provided above.

 




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