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Surrender Agreement Stamp Duty Hong Kong

In the case of leases concluded before July 9, 2004, a lessor was, in most cases, required to renew, in accordance with the law, a rental agreement for a domestic property with an existing tenant. However, the law has changed. Leases concluded after that date no longer offer a legal right to renew for the benefit of a tenant. A tenant can only “renew” his lease by negotiating or contracting a “renewal option” under a lease agreement (if this is provided). A landlord may lose the lease if he violates a condition of tenancy. If the lease is breached, the lessor may also lose its lease if the lease contains an “expiration clause” for breach of contract. Assuming that the lessor correctly invoked the termination clause in the lease (i.e. after a limited period of one year), the lessor does not contravene. Whatever sympathy you may gain from your position, the court will probably recognize the termination clause and no compensation will be awarded to the tenant. Another common problem in Hong Kong is that leases do not explicitly provide for the terms of the property to be returned to the lessor at the time of termination or expiry of the lease. This is often a source of dispute between the parties as to whether and to what extent a tenant is required to cover the costs of restoring the property in its “original” condition. In most cases, and in the absence of special clauses in the tenancy agreement, the tenant`s tenancy obligation is independent of the other obligations to be fulfilled by the lessor. Simply put, it is likely that no “rent” will be “deductible” or “deductible” as such, even if the tenant`s assertion may seem accurate.

The owner must make it clear to the real estate agent, lawyers and potential buyer that the property is sold free of charge. The lessor`s lawyers are responsible for the inclusion of the corresponding provisions in the sale contract between the lessor and the potential buyer, so that the lessor is relieved of any liability under the lease. Typical provisions are the finding that the lessor disclosed the landlord`s information in full, the reserve made by the lessor to claim rent arrears that occurred before the closing of the sale and debt-free of the landlord`s tenancy document that was issued after the closing of the sale. It should also be noted that a licence does not confer interest on the land, as it is not subject to stamp duty. However, it would be unnecessary to label a document as a license for the sole purpose of avoiding stamp duty. Whether a document creates a lease or licence does not depend on the name of the document or any other label indicated by the parties, but on the actual nature of the rights and obligations, as the agreement demonstrates.

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