February 2, 2018

Rent agreement Renewal P5: eStamping guidance

Please find here step by step screen for eStamping (rental agreement) guidance.

Please visit Hong Kong eTax website to access online registration and stamp duty payment.



After log in select Property document option (highlighted below)


eTax page

There after select Tenancy agreement for stamping application.

eTax - Property page

There after you will be shows 5 steps details.

Menu


 While continuing from 5 steps page, you will be shown first page as Tenancy agreement details submission.
Tenancy agreement details eStamping

On completion of this page, you will be shown following pages one by one

  • Number of Landlord and Tenants
  • Detail of Landlord & Tenant
  • Stamp duty confirmation and payment
  • Acknowledgement page

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February 1, 2018

Rent agreement Renewal P4: Agreement registration & Stamp duty

Registration and Stamping of Rent agreement.

As per the Hong Kong law, rent agreement must be registered and stamp duty must be paid.

Stamp duty calculation is as follows

Term
Stamp duty
Not defined
0.25% of yearly rent
1 year or less
0.25% of total rent
1 year to 3 years
0.5% of yearly rent

There are 3 methods for stamping tenancy agreement.

Stamp duty
By Post: You may submit a stamping request in paper form [IRSD111(E)] by post. You do not need to attach the original tenancy agreement. You can calculate the stamp duty payable and attach the payment cheque to the application form. The cheque should be made payable to “The Government of the Hong Kong Special Administrative Region” or “The Government of the HKSAR” and crossed.

In person at the Stamp Office: Address is 3/F, Revenue Tower, 5 Gloucester Road, Wan Chai, HK, You can visit the Office, present the original tenancy agreement for stamping and pay the stamp duty.

Through website (internet): You can visit the www.gov.hk website and provide required details. The last step of the process is to pay stamp duty.

January 30, 2018

Rent agreement Renewal P3: Sign agreement

Complete new rent agreement and sign

Rent agreement template in Hong Kong is very standard, you can find it online on many websites. Most of the websites provide the PDF format of the rent agreement. You can print the rent agreement and fill it yourself.

Alternatively, you can convert the PDF into WORD, fill details and take the print.

Rental agreement checklist
Please note following while filling the rent agreement

1. Carry over all applicable details of earlier rent agreement in new
2. Update 2 months security rent cheque details if applicable. If you are settling only the different, please clarify that on rent agreement.
3. Update the condition of the house, wear and tear, renovation need etc on agreement.

Execute two copies of rent agreement and get both signed by tenant and landlord.

January 29, 2018

Rent agreement Renewal P2: Agree Rent amount


For last decade, rents have gone up consistently in all part of Hong Kong. You may like to check prevailing rent of similar house in similar locality before you start discussing new rent with landlord.

There are couple of options suggested here.
  1. Contact a property broker to see what rents are prevailing at the moment but you may find the rent suggested by brokers are sometimes inflated. Take their suggestion with little bit caution.
  2. You can also check recently executed rent agreements on some websites e.g. Centadata English website will give you list of recently executed agreement in Hong Kong. 
  • You can apply filter to find recently executed rent agreement in your area
  • Find properties similar to you are intending to rent / renews
  • Find rent of those properties

This may help you finding the rent you may need to agree to. You can also consider the other factors
Landlord
like convenience, friends and approach of landlord.

Once you decide the rent you may like to pay, you can talk to landlord and agree the rent and terms and conditions.







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January 28, 2018

Renewal & Stamping of Rental agreement in Hong Kong

Renting a property is one of the key activity for most of us in Hong Kong.

Agreement signing and stamping is managed by broker in the first year. Thereafter if you choose to continue with same apartment, you can renew the agreement directly with owner and sign agreement and stamp it yourself.

Rent Agreement
Here is the suggested process of rental renewal.