Purpose Of Stamping Tenancy Agreement

After making your payment, there are different forms of stamp issued by the NHS. This is not the only way to get a chop on your document. The purpose of the stamp of your contract is to offer protection to those who signed the agreement, since the document is now admissible for the court in the event of a dispute. If you have an agent linked to your rental agreement, the agent will help you in this matter and save you trouble before going to the NHD. However, if you do not have an agent and you are in direct contact with the owner, you may need to go to the office yourself. 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. You can search for a tenant on your own 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. 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. If you have your lease stamped by LHDN, your lease is valid. The rental agreement is ultimately a contract that covers you and your tenant`s rights, hence the importance of the stamp. Validating your lease enhances security. But even if your agreement has no stamp, it does not mean that it is invalid. You could still take it to court, but you have to have it stamped now, and pay a small penalty for not doing it before. Once this has been done, your document will be accepted as evidence.

Rightly so, the tenants are the ones who pay stamp duty. The party that is required to pay stamp duty is generally indicated in the agreements. For example, if you are renting a property, the rental agreement should indicate who should pay stamp duty. Source: IRAS. (It also applies that if you are good at negotiations, the landlord can refund or pay the stamp duty amount for you, but the payment should always be made on behalf of the tenant). I simplified the message in this article. Thank you for reporting it and for informing us! Having a great day 🙂 Technically, a lease is required before the tenant signs it. But this almost never happens in practice. In reality, a rental agreement can always be stamped without penalty if it is carried out within the following time frame: You should inform your tenant if you decide to sell your rental property. If no new agreement is reached between your tenant and the new owner of the property, the terms of the existing lease will continue to apply. Don`t forget to clarify with the tenant and the new landlord the responsibility for the repayment of the deposit to the tenant.

The most common stamps are the official receipt or stamp certificate issued electronically when the stamp application is made online via STAMPS.

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