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Hong Kong Rental Real Estate - Buying a Home

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Posted By Discussion Topic: Hong Kong Rental Real Estate

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Add a New Post squaresky
Get Messages 12-07-2011 @ 3:07 AM                          
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Before signing a tenancy agreement, both landlord and
tenant should request sufficient information from each
other in order to protect their own interests and to
avoid future disputes.
The landlord needs to make sure the tenant has the
financial means to fulfill the tenancy agreement. The
landlord should ask the tenant about his/her
occupation, and when needed, the landlord can also ask
the tenant to provide relevant proof regarding work,
income and credit-worthiness.

The tenant should check with the landlord or the Land
Registry whether the property is mortgaged. If it is,
the tenant should ask the landlord whether the bank has
agreed for the property to be rented out. Generally, a
mortgage agreement will specify that unless the
landlord has obtained the bank’s approval, the
mortgaged property cannot be rented out. If the
landlord rent outs the property without the bank’s
approval and then stops paying the mortgage, when the
bank takes possession, the tenant will lost his/her
right to continue renting the property. The tenant may
also lose his/her deposit.

The tenancy agreement should clearly state the
following terms regarding the lease term:
Rental period (stated in years or months)
The date when the tenancy commences and ends
Whether a notice needs to be served prior to the expiry
of the tenancy
Whether the tenant has the option to renew the tenancy
after the tenancy expires

Whether there is a “break clause” which allows either
party to terminate the tenancy after a certain period
of time has occurred or upon occurrence of certain
incidents.

If a tenant is given an option to renew his/her tenancy
after the expiration of the agreement, the tenancy
agreement should clearly state the period during which
the tenant must decide to renew the tenancy or not, the
duration and new rental of the renewal tenancy (for
example, whether the new rent will be adjusted based on
a fixed rate of the current rent, or whether the new
rent will be adjusted by negotiation).

The tenancy agreement should also include the
following:
Rental amount
Rental by month, by quarter, by year
Whether the rent is inclusive of rates, government
rent, parking space rental, or management fees, etc.
Duration of rent-free period and who is responsible for
paying expenses such as management fees and rates in
that period
The time for advance payment for rent (for example,
before a certain day of the month)
Payment method (cash, cheque, transfer, etc.)
If the rent is not paid on time, whether it will be
considered as non-payment of rent and any penalties
associated with it.

quote:


http://www.squarefoot.com.hk/rent/



Add a New Post LauraHoward
Get Messages 05-16-2017 @ 2:50 AM                          
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Your post will prove helpful to a lot of people here.

Cloud Real Estate