[Novice Teaching]3 minutes to figure out “Deed of Assignment” VS “Deed of Concession” | Hong Kong 香港

If a couple transfers the property or wants to leave the property to their children and grandchildren, thinking that the “deed of concession” can be used to transfer the property, and the sale and purchase stamp duty can be exempted? Wrong! In this episode, I will find out with you what a “deed of assignment” and “deed of concession” are! Concession deed is not a “zero” cost “Deed of concession” is a gift of the unit, which means that the owner gives the property to the buyer at a transaction price of $0. Many people think that the stamp duty on sale and purchase is assessed based on the transaction value of the property. Therefore, the “delivery price” of the transaction price of $0 does not need to pay the stamp duty on sale and purchase. In fact, the Inland Revenue Department will still levy taxes based on the valuation of the lawyer’s office or the tax bureau in the face of the “deed of concession”, so it is not feasible to use the “deed of concession” to avoid tax. It is difficult to create a mortgage for the delivery of deeds. Because the legal procedures for the “deeds of delivery” generally take 3 years to complete, and once the donator goes bankrupt, it will cause a storm of ownership. Therefore, banks generally refuse to issue a mortgage within 5 years. Mortgages are granted for properties under leases or gratuitous assignments. Some large banks will not even create mortgages for properties that were given out 8 to 10 years ago, which greatly affects the opportunity for the recipients to sell their properties to the market in the future. Additional stamp duty exemption for transfer of close relatives If you want to transfer the property to your offspring, or transfer between couples, you can consider transferring the property to close relatives in the form of a deed of assignment. The definition of close relatives includes parents, brothers and sisters, spouses and offspring, and the form of transfer is no different from the usual operation of general property sales. Due to the transfer of close relatives, regardless of whether the transferee holds the property in Hong Kong, the stamp duty rate for the transferred property will be calculated at the old tax rate. If the property price is less than 2 million yuan, the stamp duty only costs 100 yuan. Although stamp duty is required, additional stamp duty of 10-20% of the property price can be exempted. If you want to know whether the property is deeded, you can search the property information online to see if there is a record of “Deed of gift” (Deed of gift) in the past 5 years. Concession deeds can neither save tax, but also easily cause ownership problems. Therefore, transfers by close relatives are generally operated in the form of “transfer deeds.” 📌 If you have any questions about the property market or mortgage, please leave a message below, or contact our online customer service for inquiries: ▄▄▄▄▄▄▄⭐️ Featured videos⭐️ ▄▄▄▄▄▄▄▄ 📺[Newbie Teaching]Purchase expenses other than the first phase! 📺【Novice Teaching】Master the basic building inspection skills in 3 minutes📺【Novice Teaching】7 Reasons to Borrow a Mortgage 📺【Novice Teaching】Housing Mortgage Crash Course! Go to the official website of ” HongKongFloorPlans”: Subscribe to ” HongKongFloorPlans” YouTube channel: Like ” HongKongFloorPlans” Facebook page: Follow ” HongKongFloorPlans” Instagram account: follow public account :Meilian_hk ( HongKongFloorPlans Hong Kong)


[Recommended by Agent Kevin]High-rise Unit B, Tower 01, San Tuen Mun Center | Hong Kong 香港

Summarize in english this content to 100 words KOL brings property viewing – Kevin Lung (S-602597) Property promotion: 🏠Unit B, high-rise building, Tower 01, New Tuen Mun Center (Property number: M300921608) Property address: No. 55-65, Lung Mun Road, Tuen Mun. Practical area: 462 feet. Spacing: 2 Unit facilities/features: Pet Paradise Property facilities: swimming pool, children's […]