Renting Guide - Glossary of Terms
Glossary of Common Terms found in Residential Leasing in Hong Kong.
Please note that in this glossary, the terms "lease" and "tenancy" are used interchangeably.
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Agency Fees
Often referred to as "commission", this is the fee charged by all agencies for the services of their consultants. The fee is payable on any premises leased, purchased or introduced to you by your agent. Agents reserve the right to charge the landlord or vendor on the same fee structure. For rental the standard agency fee is one half of one month's rental and is payable upon signing the Formal Tenancy Agreement. For sale and purchase the standard fee is 1% of the purchase price and is payable upon signing the Formal Agreement for Sale and Purchase.
Air-Conditioning
An essential in Hong Kong's hot and humid climate, air-conditioning units are usually installed in the property by the Landlord. Air-conditioning can be centrally installed and controllable in each room (known as "Central Air-Conditioning"), or provided by individual units. Individual units may be "window-type" (usually manually controlled) or "split-type" (usually remote controlled).