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Correct Process for renting via agent

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  1. #1

    Join Date
    Oct 2015
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    Question Correct Process for renting via agent

    Hi,

    We are about to conclude the Tenancy Agreement for a flat in HK.

    This is our first time round agter moving here, so can anyone please comment on the familiarity of the process below?

    1. FInd property you like.
    2. Sign 'Provisional Agreement' and pay one months rent in advance to LL directly to secure whilst the Tenancy Agreement is drawn up.
    3. Sign Tenancy Agreement.
    4. Pay security deposit of 2 months, and utilities deposit (if applicable), and stamp duty - All to LL directly.
    5. LL signs Tenancy Agreement when funds clear, and gives you the keys via agent.
    6. You pay the agent fee of 50% of a months rent, as stipulated in the Provisional Agreement
    7. Happy days.

    Research indicates this is fairly common, and I've reviewed all contracts and cross referenced all business numbers. Everything checks out.

    Anything odd there?

    Cheers!


  2. #2

    Join Date
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    Almost correct ... two things.

    1) Agent is supposed to give you / show you land search records to show that the landlord actually owns the property and no notices etc have been served on the property for illegal construction etc. This should be done before provisional.
    2) Agent is supposed to get the agreement processed for the stamp duty - this takes a while, but they should really be doing it.

    Cho-man and misshappy26 like this.

  3. #3

    Join Date
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    I'd add a step before the first one which is 0) lose the will to live as the agents show you 300 flats that in no way fit your requirements.


  4. #4

    Join Date
    Apr 2012
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    Quote Originally Posted by Stu79
    I'd add a step before the first one which is 0) lose the will to live as the agents show you 300 flats that in no way fit your requirements.
    exactly this, you want 3 bedrooms in a nice modern flat? Ok let me show all the old flat with two bedrooms in the worst area in HK!
    Stu79 likes this.

  5. #5

    Join Date
    Jul 2015
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    there ought to be s step where you and the landlord or agent to physicslly count the furinutred snd appliances. if the condition of any of the item is bad, i would highlight that n agrement or better still ask the landlord to take it back. the TV in this apartmnet is only 12". what the hell do i need it for?


  6. #6

    Join Date
    Aug 2006
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    Stamp duty should be split 50-50 with the landlord.
    Agent fees are negotiable - you can pay under 50%, or offer a set fee.
    You can negotiate with the landlord for a 'rent fee' period - this means for example you move in on the 10 December, but your your first month's rent is starts on the 17 December.


  7. #7

    Join Date
    Feb 2011
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    That's about right. Stamp duty goes to the agent and they should process it. Half from you and half from the landlord. Usually you can schedule an appointment to sign, pay and exchange the keys. Usually haven't had to wait for payment to clear, since they already have one month.

    Agent fee is half month, lots of people talk about bargaining it but really annoys agents. They already earn little and get only a small percent of that. So pay the normal instead of being that one annoying person.

    Last edited by MandM!; 10-12-2015 at 01:19 PM.

  8. #8
    Nep
    Nep is offline

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    We did not have to pay anything in advance and everything was handled by the agent.
    when we signed and payed the 3 monts rent we had to wait a week or so to get the TA stamped.

    also dont be afraid to demand stuff before you sign.

    we got 30k for furniture.


  9. #9

    Join Date
    Dec 2015
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    try some websites instead of renting via agent.
    You can talk to the owner directly


  10. #10

    Join Date
    Dec 2013
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    Quote Originally Posted by CharSiuBaoh
    try some websites instead of renting via agent.
    You can talk to the owner directly
    Very rare. Tiny selection

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