The landlord will usually expect a tenancy term to start within one to two months after a written offer has been made. However, this is negotiable, and the tenancy can commence within one to two weeks in some circumstances.
Acceptance of accommodation and the terms of the related tenancy agreement is the tenant's responsibility. It is therefore advisable to review a copy of the draft agreement before signing it. The tenant must be satisfied with the terms of the agreement before signing, as it is legally binding.
A right to renew clause should be added to a new tenancy agreement, where both parties should agree the rental and terms of the future tenancy.
If the property is subject to a mortgage, a letter of consent from the mortgagor is necessary before finalising the lease. The tenant is subject to the risk of re-possession by the mortgagor if the landlord fails to fulfil the terms and obligations under the mortgage agreement.
If your landlord uses a solicitor to draw up the tenancy agreement, you are likely to attend the solicitor's office in person for the signing. You should take your passport or Hong Kong Identity Card as proof of identity.
The tenancy agreement is in duplicate and a third person must witness the signing. Check that the tenancy agreement and duplicate are properly signed, witnessed and dated.
You will have to pay a security deposit, equivalent to two months’ rent (and on occasion two months’ management fees and two months’ government rates) upon signing the formal tenancy agreement. If the lease is to be a personal one, the landlord may ask for three months of rent as security deposit. Terms upon which the security deposit is returned should be clearly stated in the tenancy agreement.
