In unprecedented scenarios, like COVID-19 or sudden block in cash flows, businesses may wish to be discharged from the tenancy agreement to prevent liabilities. Indeed, there are lawful ways to end such tenancy: 1. Break clause / termination clause A break clause or termination clause allows both the landlord and tenant to terminate the tenancy … Read more
Tenancy Agreement for the lease of commercial property with options on rent free period and early termination. The term is generally less than 3 years. This is drafted in neutral form.
Tenancy Agreement for the lease of residential property with options on rent-free period and early termination. The term is generally less than 3 years. This is drafted in neutral form.
In relation to a lease / tenancy /rental, a termination notice is given by Tenant to the Landlord for early termination under the Agreement by the Tenant. This is drafted from the perspective of the Tenant.
Provisional agreement for sales and purchase of property between Vendor, Purchaser and Agent highlighting the specifics of the sales and general terms and conditions relating to the transaction.
A Two-party Mortgage is a standard form of mortgage between the Mortgagor (i.e. the Borrower) and the Mortgagee (i.e. the Lender) in relation to a mortgage of real property provided as security by the Mortgagor for the loan facility provided by the Lender.
The Occupiers Liability Ordinance (OLO) imposes a duty of care on the occupiers of premises to ensure that their visitors are reasonably safe in their permitted use of the premises. If a third party is a visitor to the property and suffers an injury within the premises controlled by the occupier due to the negligence … Read more
The Building Management Ordinance and the Building Management (Third Party Risks Insurance) Regulation require an owners’ corporation (OC) to procure and keep in force a policy of third party risk insurance. Third-Party insurance provides compensation for financial loss in the case of the death of, or bodily injury to, a third party in relation to … Read more
The obligation to repair/maintain the leased property largely depends on what is specified in the lease/ tenancy agreement. To avoid unnecessary disputes, parties entering into tenancy agreements should clearly specify the obligations for repair and maintenance. Drafting the tenancy agreement A commonly adopted approach under tenancy agreements is that the landlord is responsible for external … Read more
The purchaser and seller are both responsible for paying the stamp duty. However, the purchaser will usually contract to pay the stamp duty in full. The table below shows the stamp duty tax rate for commercial properties, after 20 November 2020. More details on the amount payable can be found here. Amount or value of … Read more