Optional, but recommended. A professional agent will not only help you to find the right property, but also ensure you get the right location & price, ensure all small details are covered prior to renting, guide you through the documentation process and taking & handing over of property.
2. Location and Price
Deciding on the right location is very important and it will determine the convenience for you and your family. Price - Budgeting yourself will also evaluate the size areas of the apartments or houses that are suitable for you.
After you have decided to rent your ideal property and you will need to prepare the following:- Photocopied passport
- Photocopied employment pass
- One month’s rental for the good faith deposit
4. Letter of Intent
The Letter of Intent, LOI for short, is a letter proposing your intention to lease the property. It will also state your requirements to the landlord. You should take note of the following:
a. Diplomatic Clause
This clause is to safe-guard you in the event that your employment is ceased or you are transferred to another country such that you can terminate the lease after 12 months by giving 2 months notice. Thereafter, the security deposit will be refunded to you.
b. Good faith Deposit
This is the booking deposit; usually the amount is one month’s rent. After the landlord signed the Letter of Intent and accept this deposit, he cannot rent the property to other party.
c. Security Deposit
The amount of the security deposit is usually stated in the Letter or Intent. The standard practice in Singapore is usually one month’s rent for every year of lease.
d. Term of Lease
In Singapore, the standard lease period is more than 1 year, with or without an option to renew the lease. The lease renewal is usually for another 1 to 2 years.
5. Tenancy Agreement
After the Letter of intent is duly signed, the landlord’s agent will prepare the Tenancy Agreement. Any legal fees incurred for the drawing up of the agreement is usually borne by the tenant. However, if the landlord’s agreement is acceptable, there will usually not be any legal fees involved.
a. Diplomatic or Clause and Reimbursement Clause
Check for this clause. This clause is to safe-guard you in the event you are no longer employed, transferred to another country, you can terminate the lease after 12 months by giving 2 months notice.
b. Public Utilities, Telephone and Cable Television
- City gas - piped gas in selected areas.
- Singapore Telecom- residential telephone line.
- Star hub Cable Vision (SCV) - cable television and cable broadband internet.
c. Repairs and Maintenance
The tenant is responsible for maintaining the leased premise, carry out minor repairs at own costs.
d. Rental Amount
Check the rental amount. Sometimes the landlord will divide the rental amount into a. rental of premises, b. rental of furniture and fittings, c. maintenance fees.
7 . Taking Over the Property
The landlord will prepare an Inventory List on or before the day of handing over. Check the items listed in the inventory. Check all electrical appliances, air-con, lightings, water heater etc.