On the other hand, a document creating a lease contract of less than 3 years or less (i.e. a lease agreement) does not earn anything by registration. According to the land settlement, a lease of more than three years must be registered with the land registry within one month of completion. Other leases, including those with the option of renewing the existing lease, may also be registered. Please note that a rental agreement must be stamped before being registered in the land registry and, if necessary, recognized as evidence by the courts. There is a two-month tenancy period in a three-year lease and $10,000 per month in rent. How do I calculate stamp duty for this lease? In addition, a proof of rent must be stamped before it can be submitted to the land registry for registration. The landlord of a national property must submit to the Commissioner of Rating and Evaluation, within one month of the execution of the rental document, a notification of a new lease (form CR109) for approval. A landlord does not have the right to maintain rent recovery action under a rental document (if the tenant does not pay the rent) if the Commissioner does not approve The CR109 form. However, an owner who does not submit the form within one month may do so later after paying a $310 fee. If you have questions about rental issues or need help, you can contact the Rating and Evaluation Service (RVD) for free application, assistance and intermediation services. You can also get free legal advice from the Duty Lawyer service. Stamp duty is a tax on certain written documents attesting to transactions.
Parties to a rental document are required to pay stamp duty on the document in Schedule 1 of the Stamp Duty Regulation (Chapter 117 of Hong Kong Laws). The rate of stamp duty varies depending on the duration/duration of the lease. The current rates are as follows. The landlord, the tenant and all other persons who sign the lease are responsible for paying stamp duty. An unstamped lease cannot be obtained as evidence in civil proceedings and cannot be filed or carried out by any public official or agency. For stamp procedures and explanations, click here. The landlord and tenant must keep a copy of the rental agreement and stamp certificate. To download buffer apps in large quantities for sharing documents, click on the links below to see the demo videos. For the stamp of each piece of the rental document, you have to pay 5 USD. Subject to the terms of your tenancy agreement, you and your tenant may be responsible for government rates and rents. The ratings and evaluation department and the Lands department offer a number of online services to facilitate payment. You should submit a notice of a new lease or renewal agreement to the rating and valuation department for approval within one month of the execution of a lease agreement.
In case of late filing, a fee of 310 HK is charged. If a copy of the notification is returned after approval, you have the right to take legal action to claim rent if necessary. Stamp duty levied on a rental document and its equivalent depends on the rent to be paid or the annual or average annual rent.