Posted by
mixeymum
15 yrs ago
Can anyone help me with what's the usual procedure for renting directly a property from the owner without going through an agent? What is the stamp duty that is usually paid when you rent through an agent and is this needed when renting directly (and um what is it anyway and what is the purpose of it?)? Also what documents are required to verify that who you are renting from is the owner? thank you for any tips!
Jimm
15 yrs ago
You just need a regular rent contract to do it..The only difference if you use an agent is the commission you would need to pay the agent.
stamp duty is paid on the transaction, regardless whether an agent is involved or not. you pay that when you register the rental with the government (based on a fee schedule)
agent fee you can save
my understanding is that you need a copy of the HK IDs of both parties who signed and a contract (use template from agent) and then go to the government to register. simple as that
one more question how to you verify that person is the owner? are they suppossed to show you ownership papers or something?
check the land registry online. costs a few hkd but the owner name is there
Renting directly from owner can be beneficial to both parties as both owner and tentant would not need to pay comission to an agent - usually half a month's rent. as for proof of ownership, if the landlord is still mortgaging the property from the bank, I am sure he/she would be more than happy to show you his/her mortage statement. If the landlord owns the property outright he/she would be more than happy to show you a copy of the deed.
....As for the standard rental contract, it can be bought at any stationary shop for a few dollars and once signed by both parties has the exact same rights and protective clauses as the standard contract at an estate agent.
You must be logged in to be able to reply.
Login now
Copy Link
Facebook
Gmail
Mail