What is stamp duty as applied to renting an apartment in Hong Kong?

What is stamp duty as applied to renting an apartment in Hong Kong? post thumbnail image

When renting a home in Hong Kong, specifically the very first time, folks usually question numerous questions. This usually emanates from the fact that they are not absolutely clear on the terms and conditions that pertain to booking a home within the hectic town of Hong Kong. For that reason, I am going to try and answer some of the queries that people check with frequently as relates to attributes in district leasing (西營盤租盤) Sai Ying Pun to rent.
Just what is a common Lease contract Term for renting an apartment in Hong Kong?
In Hong Kong, the a typical home lease expression works for 2 many years. The very first 12 months in the lease contract is normally repaired, meaning that one must keep a renter for the entire of the first year even though the secondly calendar year is optional. This means that the tenant and the property owner concur that either of which can terminate the lease contract right after the first year has elapsed. However, to do that, the bash that intends to terminate the lease must tell the other two months upfront. Consequently, once you hire a flat, you are unable to crack the deal well before 14 a few months.
Nevertheless this doesn’t mean that you can’t locate an flat you could lease for under 1 year. You will discover a large wide variety of decorated apartment rentals that one could rent payments for as less as three months.
What are the costs linked to hire an apartment in Hong Kong?
Hiring an apartment in Hong Kong could have you spending several costs to various individuals. For instance, you may be needed to pay out property broker payment, which is equivalent to one half a month’s rent payments. You will also need to pay a stamp responsibility, which can be .5Per cent of the rent you pay over a common rent word. In case the landlord selects to execute the tenancy contract by way of a legal professional, there can be some legal service fees of the procedure at the same time.

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