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Landlord demands for Salary Income proof (Bank or Tax statement)

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  1. #31

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    Is it normal? That would depend on your definition of Normal

    Its not at all unusual.
    I've had 4 LLs and 2 asked while the other 2 didnt.
    It wasnt a big deal so I showed it and they were happy.


  2. #32

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    Quote Originally Posted by onzki
    Thanks for pointing this out as I was unaware of such delay entailed when case is elevated to high court legal procedures.
    High Court is for claims above HKD1m, so the "elevation" will have to stop at Magistrate Court for most private renters .
    @Oldtimer if your tenant overstayed your tenancy agreement, you should be able to claim mesne profits. See the below example. This particular case went to the land tribunal so - unlike the Small Claim Tribunal - its judgement should be enforceable.

    Result

  3. #33

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    Quote Originally Posted by jrkob
    High Court is for claims above HKD1m, so the "elevation" will have to stop at Magistrate Court for most private renters .
    @Oldtimer if your tenant overstayed your tenancy agreement, you should be able to claim mesne profits. See the below example. This particular case went to the land tribunal so - unlike the Small Claim Tribunal - its judgement should be enforceable.

    Result
    The tenant had left Hong Kong

  4. #34

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    Quote Originally Posted by Oldtimer
    The tenant had left Hong Kong
    Ok. Out of curiosity why did it take 12month for you to recover the property ? Normally that kind of cases are tried quite quickly. Which court did you file with ?
    Last edited by jrkob; 01-10-2015 at 07:50 PM.

  5. #35

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    Quote Originally Posted by jrkob
    Ok. Out of curiosity why did it take 12month for you to recover the property ? Normally that kind of cases are tried quite quickly. Which court did you file with ?
    The lawyer handled it. Rent due was about $30K. notices were sent, which the tenant ignored. Finally filed a case at district court.By this time the overdue rent was about $120K. it took few months for the case to come up. Got the order. Had to arrange with the Bailiff to go with me to break the lock and take an inventory. Found some desks and chairs. Lost about one year rent and paid legal fees.

  6. #36

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    @Oldtimer ok thanks for sharing your experience... sounds rather awful.


  7. #37

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    Quote Originally Posted by Oldtimer
    If the tenant does not pay the rent, you will have to file a case in the High court or Small claims tribunal. By the time you get the vacant possession, your 2 months deposit will be long exhausted. It took me more than 12 months to get vacant possession. Do not expect that the rent will be paid for this period.
    I believe that, but how does a higher wage earner make this senario more or less likely?

    Hong Kong has a very stable job market, if someone enters into a rental agreement here & gives 3 months rent up front, there is a very high probability that lease won't be broken due to low wages. Renters don't want to lose their deposits & go through the headaches either....

    The only people I know in Hong Kong who broke their lease were expats, who earned a lot of money. They didn't care about giving up deposits because they had a lot of money.

  8. #38

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    Quote Originally Posted by Open Casket
    Having worked in risk management before, as long as I had 2 months worth of security deposit, I would find someone's income totally irrelevant. In fact, I might argue someone on a lower wage would be less likely to default on the rental agreement as they have more to lose relative to their income.
    I haven't been working in risk management before, and perhaps that's why I don't understand this.
    I am offering my unit for 15k/month. The dude posts 2 months deposit upfront.
    Whether he's making 17k/month (meaning he can barely pay his rent before even starting to eat) or 85k/month (providing ample buffer), makes a difference.
    I think it would make a difference to most landlords. Those valuing money I mean.

    The good news about the HK rental market, is that it is extremely liquid and can accomodate both landlords who demand an income proof, and tenants who do not wish to provide it.

    I see no issue here.
    Last edited by jrkob; 01-10-2015 at 10:51 PM.
    shri likes this.

  9. #39

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    Quote Originally Posted by jrkob
    The good news about the HK rental market, is that it is extremely liquid and can accomodate both landlords who demand an income proof, and tenants who do not wish to provide it.
    It can also accommodate renters like TB who will demand a consent letter from the mortgagor in order to negotiate a discount . And evidently: it works* !


    *edit: with some landlords
    Last edited by jrkob; 01-10-2015 at 11:05 PM.

  10. #40

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    Quote Originally Posted by jrkob
    I haven't been working in risk management before, and perhaps that's why I don't understand this.
    I am offering my unit for 15k/month. The dude posts 2 months deposit upfront.
    Whether he's making 17k/month (meaning he can barely pay his rent before even starting to eat) or 85k/month (providing ample buffer), makes a difference.
    I think it would make a difference to most landlords. Those valuing money I mean.

    The good news about the HK rental market, is that it is extremely liquid and can accomodate both landlords who demand an income proof, and tenants who do not wish to provide it.

    I see no issue here.
    In the real world, it is extremely rare for someone making 17k to rent a place for 15k.

    Renters income is a very poor predictor of how good a tenant will be.

    More important would be savings/deposit ability, past credit history and debt to income ratio. (difficult to obtain I know)

    I don't have statistics in Hong Kong, but I'm guessing that as long as you get deposits from renters (so they have skin in the game), less than 1% of renters default. And I'm also guessing that more people default based on choice than on lack of money to pay.
    Last edited by Open Casket; 02-10-2015 at 07:15 AM.

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