Glossary of Terms Hong Kong Office Agent. One who acts or who has power to act for another. A licensed real estate agent authorized to act under a listing or management agreement executed by a property owner the Principal this creates a fiduciary relationship under the law of agency. ArticleLead.620x350.gx3bss.png/1499054878725.jpg' alt='Real Estate Agent License In Hong Kong' title='Real Estate Agent License In Hong Kong' />Agency Commission Most agents charge a fee of up to 5. In some cases these will be negotiable. Serving you in all U. S. jurisdictions and around the world. REGISTERED AGENT SERVICES, CORPORATE SECURED TRANSACTIONS. Formerly National Corporate Research NCR. Join the NASDAQ Community today and get free, instant access to portfolios, stock ratings, realtime alerts, and more Join Today. McLaughlin Manitoulin Inc., Real Estate Brokerage on Manitoulin Island, Ontario, Canada. Between Jay Z and Beyonces purchase of an 88 million Bel Air spec house and Angelina Jolies 24. Cecil B. DeMille estate in Los Feliz, there. Please note that these commissions are payable upon the signing of the formal agreements i. Appraisal. An estimate of quantity, quality or value. The process through which conclusions of property value are obtained also refers to the report setting forth the estimate and conclusion of value. Area Definitions. There are only limited regulations governing the quoted area of leased premises in Hong Kong and tenants should take care in confirming the net areas. A disgraced real estate agent who was earning over 1 million a year in commission will now have to find a new profession after being stripped of his licenc. Real Estate Agent License In Hong Kong' title='Real Estate Agent License In Hong Kong' />The following plan and notes provide commonly used area basis Gross Floor Area. Gross Floor Area shall include all areas contained within the external walls at each floor level and the whole thickness of the external walls. In general, mechanical and electrical services rooms, refuse chambers and rooms, water tanks, carparking floors and all lifts and staircases passing through these floors shall be excluded from the Gross Floor Area calculation. Lettable Area. Lettable Area of whole floor shall include toilets and lift lobbies but exclude common areas such as lift shafts, stairs, plant rooms and smoke lobbies. Net Area. The net useable area and columns up to the external window face. Net UseableCarpetable Area. The net useable or carpetable area within the premises. The basis for measurement can vary greatly and we recommend that the net areas should be confirmed by tenants contractors. Air Conditioning 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. Architectural drawing Includes all architectural contracts and drawings such as plot plans, floor plans, elevations, sections, details, schedules, etc., and any architectural drawing that forms a part of the contract documents. Exceptions include mechanical, electrical and structural drawings, as well as specialized data that are normally handled by specialists in those fields. Asking Rental Rental quoted by landlord, usually with rooms for negotiation. Assignment The transfer of leasehold interest in a property to a second party. As is Condition The existing condition of real estate, prior to any improvements contemplated under a lease. Accounting Software For Freelance Translators Jobs. Binder. A preliminary agreement evidencing a meeting of the minds and effective until the principal agreement can be executed. BREAK CLAUSE A break clause within a lease term allows the tenant to give 2 or 3 months notice of termination after a certain period of time has elapsed usually after one year or 1. Cancellation clause A provision in a lease that confers upon one or both of the parties to the lease the right to terminate the lease upon the occurrence of the condition or contingency set forth in the said clause. Commencement Date. The date that the tenancy starts. Rent becomes payable after the rent free period. The tenant may move in before the commencement date if he has a rent free licence period or later if he carries out his own renovation or decoration works. Commission. The fee paid to a real estate agentas procuring cause andor for his or her services rendered in a real estate transaction. May be paid by either party in a transaction it is usually governed by a prior written agreement. Common areas. Areas used by two or more tenants andor third parties and not under the control of any one tenant. Early Termination If the tenant needs to leave the premises earlier than allowed for in the tenancy agreement. This can be done in one of two ways 1. Through negotiation and mutual agreement to surrender by compensation. Through introduction of replacement tenant to take up a new lease with terms and condition agreeable to the landlord. Effective Rental Average rental achieved for the lease period after deduction of rent free period. Equity. The interest or value an owner has in real estate over and above the mortgage against it. Escalation clause. A clause in a contract providing for increases or decreases in rent payments in accordance with fluctuations of certain costs or expenses of the landlord. Escrow. A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition. Estate Agents Authority EAA The body set up to regulate the Estate Agency industry in accordance with the Estate Agents Ordinance. The body acts as an educator and regulator. Executive suite Business Centre. Executive suites are shared offices with services provided by a management firm. Expiry The date that the tenancy ends. Face Rental Nominal rental achieved after negotiation. Financial Strength. Financial strength or credit is VERY important to landlords. Tenants are required to furnish their financials for review Balance Sheet and Profit Loss statements. Many businesses are setup as limited liability corporations which can easily run out of money and declare bankruptcy. A personal guarantee from a financially dependable principal or a substantial deposit is often required if the corporate financial strength doesnt satisfy the owners requirements. Landlords are looking to lease to profitable companies with a track record of success and stability. The most financially viable companies have the greatest negotiating leverage with landlords. Governement Rates. A property tax levied quarterly by the Hong Kong SAR Government which is usually equivalent to approximately 5 per cent of the annual rentable. Graduated lease. A lease that provides for specific increases or decreases in rent at definite times during the term of the lease. Grantee. A person to whom an interest in land is conveyed by deed, grant or other written instrument. Grantor. A. person who transfers his or her interest in land to another by a written instrument. Gross Floor Area. Gross Floor Area shall include all areas contained within the external walls at each floor level and the whole thickness of the external walls. In general, mechanical and electrical services rooms, refuse chambers and rooms, water tanks, carparking floors and all lifts and staircases passing through these floors shall be excluded from the Gross Floor Area calculation. Hand over This is the procedure of handing the property from the landlord to the tenant. At this stage, your estate agent will assist you to check the internal and external condition of the property, check the inventory, take details of meter readings, etc. A detailed hand over report will be prepared and a copy given to both the landlord and the tenant. At the end of the tenancy, a similar procedure is carried out, known as a hand back. Holding Deposit Usually equivalent to one months rent and generally paid subject to contract to the landlords solicitor when an offer is made on a property and prior to receiving a draft Tenancy Agreement. This deposit becomes the first months rent when the Tenancy Agreement is signed. Sometimes, the amount of holding deposit may be as much as three months rent.