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1. How to check the details of the property and the vendor's
identity?
Vendor's identity & the property details may be verified by
way of land search report ("查屋紙")
2. Is there a standard "Sale and Purchase Agreement"?
No, sometimes vendors may amend the standard Agreement to suit
their circumstances.
3. If the vendor is married, should the couple sign the Agreement?
It depends on the status of ownership. If it is "Tenant in
Common" (共同財產制), then the Agreement has to be signed by the
couple, and not if "separate estate"(非共同財產制).
4. What are the requirements for "Fixed Asset Investment
Residency Applications (FAIRA)"？
FAIRA must comply with the following requirements:
1. Applicants must purchase a property(ies) with no loan or mortgage
to the value of no less than one million Patacas and must have a
fixed deposit account of no less than five hundred thousand Patacas
in a bank in Macau SAR.
2. Applicants must have reached at least higher
national diploma level or the equivalent educational level. Applicants
that have only finished secondary school or the equivalent must
fulfill one of the following requirements:
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The applicant's direct relatives must be a permanent resident
in Macau ;or |
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The applicant must have no less than two years
experience of running a company or have been working for a company
in a senior management position; or |
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The applicant must either wholly own or have no less than
a fifty-one percent share in a partnership company set up in
Macau SAR. |
Normally, the charges for 1 family (2 adults and 1 child) is around
HK$50,000.
5. What is the significance to hold property in personal name
as against company's name?
If a property is held under a company, the assignment may be by
way of company's share transfer to save stamp duty…, and the capital
gain tax depends on the tax rate of the country concerned. Roughly
16% in Macau.
6. Legally, Can "residential use"
be used for commercial ie shop, and vice versa？
For any change of uses, ie from residential to commercial and vice
versa, consent must first be obtained from the majority of owners,
then the application must be submitted to Government together with
any drawings to demonstrate that the change meets the fire regulations
and is safe for residents. In general, consent is rather not easy
to obtain, so not common to apply for any change of uses in practice.
7. Government Leases in Macau are usually
20 or 25 years, As a general rule of thumb, how to assess the
government rent (續租費)for the renewal？
This government rent is due as soon as the lease has expired, and
usually, the renewed lease will be a 10 years period, and this payment
is to be paid in a lump sum for every 10 years. The government rent
will be determine by the government, usually is 10 times property
tax.
8. For leasing or selling/buying a property, is verbal agreement,
without any consideration, binding legally?
The short answer is not binding legally. In common law, for any
agreement to be legally enforceable, it must be written together
with consideration. In practice, you must ask your client to put
down a deposit and sign a simple note if all possible.
9. When tenant moves out, how to determine property damage,
and if any deduce deposit？
The tenant has the duty to keep the premises in tenantable condition,
and the landlord is entitled to deduct reasonable costs of repairs
from the deposit if the damage is unreasonable or not fair wear
and tear. In practice, tenant will not pay the last 2 months rent,
and not easy to sue damage in Macau.
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