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Rental Housing Guide
Renewal Lease Agreement Should be Detailed
15th December 2007

Real estate professionals point out that when owners and tenants make verbal agreements, it is important to avoid the phrase "as usual". If the notice period remains the same, according to standard lease terms, the owner may only need to provide a one-month period notice request to that the tenant vacate the property.

According to the Rating and Valuation Department (RVD), due to the repeal of the tenancy control legislation, both landlords and tenants need to spend more time on lease agreements since leases can be freely negotiated. The RVD points out that the most common lease duration in the current market is 2 years, with both tenants and landlords requiring a one-month notice period to terminate the lease upon its expiry. However, tenants should carefully consider this, as finding a new residence and relocating within a month may not provide sufficient time in the local Hong Kong environment.

 When signing a new lease agreement, it is important to avoid "Continuing as is" or "Same as before".

Real estate professionals point out that it is advisable for both parties to sign a new lease agreement if they decide to continue renting for another year after the current lease expires. Within the one-year duration the of new agreement, the landlord give cannot another notice period, which seems more suitable for the overall environment in Hong Kong Both. parties would rather make adjustments in rent levels.

He further emphasized that when entering into a written or verbal agreement for a lease, it must be detailed and comprehensive. If the notice period is not discussed, it will be difficult to deal with in the future. if Even it is brought to court, it will be at the discretion of the judge because both parties have not reached a consensus.