SINGAPORE RENTAL PROCESS
Duration of Rental Leases in Singapore
There is no fixed lease term but in the most cases the length of a tenancy agreement is two years however it is possible to negotiate for any lease term.
Assessment / Viewing
An comprehensive assessment of the client needs will assist in a schedule of available options for viewing.
Letter of Intent (LOI)
Once a property has been selected and all terms and conditions agreed upon the following will happen.
- The agent will prepare the Letter of Intent (LOI) which outlines the terms and conditions of the tenancy and the work to be done prior to move in.
- When the LOI is signed a one month good faith deposit which is equal to the monthly rental rate will be passed to the landlord so as to take the property off the market while the terms of the tenancy agreement are being negotiated. There is no standard tenancy agreement in Singapore.
Tenancy Agreement (TA)
A draft copy of the Tenancy Agreement (TA) will be passed to the tenant. The terms and conditions are open to negotiation between the parties during the time stipulated.
Upon signing of the TA, the balance security deposit is passed to the landlord. This is held by the landlord throughout the tenancy period and is used as security against damage to the property. In the event that there are no claims this will be refunded interest free to the tenant at the end of the tenancy.
There is a stamp duty amount which the tenant is required to pay for the e-stamping. Your agent will advise the amount.
UTILITIES & CONNECTIONS
Your agent will support the application of Singapore Power Supply (power supply, water, gas, rubbish disposal)
Handing Over of Property (Handover)
The property will be handed over (handover) to the tenant on the agreed upon date and an inventory signed. Your agent or representative should be present.
·Usually 3 months prior to the expiry of the tenancy period, the tenant will be asked if they will extending or terminating the tenancy. Terms and conditions to be renegotiated at this point.
Handing Back of Property (Handback)
When handing back (handback) the tenant will be required to be present to go through the original inventory and to check the condition of the property.