In addition, a proof of rent must be stamped before it can be submitted to the land registry for registration. A property is rented for $10,000 per month and the rental period is 3 years without rent. The stamp duty to be paid is this: you can search for a tenant yourself or appoint a licensed real estate agent to take over the rental of your property. In both cases, you must provide your potential customer with specific characteristic information before entering into a lease agreement. If you decide to hire an agent, you should settle with him or his engagement details, such as the amount of the commission and the date of payment before signing the contract of the real estate agency. (iii) You can visit the Stamp Office in person (3/F, Revenue Tower, 5 Gloucester Road, Wan Chai, HK) and present the original rental contract through the ticket counters. The service schedules of … 9 Example 4A tenancy contract for a period of 4 years with a right for the tenant to break at the end of the second year is considered a term of 4 years. Stamp duty calculations are made on the basis of the stamp that documents are stamped within 30 days of the date of the signing of the agreements. Otherwise, sanctions are due.
Fixed Rent A lease was signed on July 1, 2010 for an 8-month term with an example of 5 monthly rents of $5,000. Stamp duty is 100 USD [ 5,000 x 8 x ] Fixed rental A 2-copy lease was signed on January 4, 2010 for a period of 2 years with a monthly rent of $7,000. 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? Under the Landlord and Tenants Regulations (Amendment Regulations) 2004, you and your tenant can decide to renew a lease created on July 9, 2004. However, if there is a possibility of renewal of the clause in your existing tenancy agreement or in any other written agreement, your tenant retains the right to renew the tenancy agreement. For the stamp of each piece of the rental document, you have to pay 5 USD. In the context of proceedings, no act of non-compliance with stamp duty may be invoked as evidence, unless it is properly stamped. For more information on unstamped documents and insufficient consideration, click here. A licence does not transfer any interest in the land and is not responsible for stamp duty. However, if there are doubts about the liability of a rental document with respect to stamp duty, it is a good idea to ask for a decision at the stamping point.