Things to Know Before Renting A Condo
Letter of Intent
This is a formal letter that proposes the desire to rent a property.
If the tenant is able to get the signature of the landlord, it means that the deal is accepted. This includes the conditions of the tenant that have been well agreed by the landlord and tenant beforehand.
Letter of intent comes with other important details with the main purpose to avoid any possible misunderstanding between the tenant and the landlord later on. It must also present a clause that specifies the expiration date.
In case the landlord does not sign the letter within the predetermined period, it means that the letter has already experienced and the landlord must return to the tenant the booking deposit right away.
This is usually provided by the landlord or the real estate agent. This specifies the obligation of the landlord to lease the condo to the tenant. The two are both required to sign this agreement.
This letter is considered as an elaborated version of the letter of intent.
Also, there is a need for the tenant to provide a copy of his passport, identification card and employment pass, particularly if he or she is a foreigner. Upon signing the agreement, the tenant is required to pay the sum for the first month along with the security deposit. It also includes booking deposit.
Some of the important things in the Tenancy Agreement when renting a property Singapore include important details about the identification of the tenant, the identification of landlord and the terms of payment. This includes the specific date as well as mode of payment.
This has something to do with the amount paid for the standard term lease.
This contains the lists of all fittings and furniture in the property. This is usually signed by the tenant upon moving into the property.
If you are renting a condo, en-bloc may be applicable in order to spare the landlord from any needs of compensation in case of early termination of the contract.
This pertains to expatriate clause for leases that are a minimum of 2 years.
When renting a condo in Singapore, you should never forget these very important formal procedures. The purpose of these steps is to ensure safety, convenience and security of the tenant as well as the landlord.
There are also things to consider before renting.
When you are ready to rent, lets take a look at finding the right rental property.