Use Only 1 Real Estate Agent at a time
You should engage 1 Real Estate Agent at any one time for easier correspondences and coordination for viewing schedule.
1. Commencement Date – Most Landlords would not want to wait and leave their properties empty for more than 2 months so be realistic on the start date.
2. Offer Price – Usually most landlords are willing to negotiate for 5-10% less on the rental asking price subject to other terms and condition.
3. Term of Lease – The lease term is usually 36 or 24 months.
4. Good Faith Deposit – It amount to one month’s rental. When the Landlord accept the LOI and good faith deposit, he/she has promised not to lease the property to other tenants until the Tenancy Agreement is signed. Upon signing the Tenancy Agreement, this deposit is considered as first month’s rental.
4. Furnishing – There are 3 types of Furnishing
– Bare. No Lights, blinds, carpet and furniture are provided.
– Partially Fitted. Lights, blinds, are provided.
– Fully Fitted. Lights, blinds, carpet and furniture are provided.
5. Any other request
6. Expiry of LOI – The document will state a period within which the Landlord must sign if the offer is accepted. Or else the offer is no longer valid and the Landlord shall return the good faith deposit immediately.
1. IRAS annual property tax
2. IRAS valuation list
3. Singapore Land Authority (SLA) Property Ownership information
When the Letter of Offer is signed and a non-refundable deposit given to the Commercial Landlord, the rental space is secured, subject to the final signing of the Tenancy Agreement.
The LOO unlike the LOI is a legally binding document.
1. Landlord Information – Landlord’s name, identification details and mailing address.
2. Tenant Information – Tenant’s name, identification details and mailing or company address.
3. Rental Payment Terms – The monthly rental amount and the due date as well as the mode of payment.
4. Security Deposit – This amount is kept by the Landlord as security and is only refunded upon the end of the lease with interest-free. The landlord has the right to deduct all costs of damages and expenses arising from any breach of contract stated in the TA. For 36 months lease the security deposit is 3 months. For 24 months lease the security deposit is 2 months.
5. Repairs and Maintenance – The tenant is responsible for maintaining the leased premise, carry out minor repairs at own costs. For normal wear and tear situations, the tenant will be responsible for repair cost for the first S$150 – S$250.
Only major repairs and maintenance would be the landlord’s responsibility provided that the damage or malfunction of appliances is not caused by the tenant’s negligence.
The tenant will have to take up service contract for items such as air-conditioning. For landed house, the tenant need to take care of the pest control, gardening and swimming pool servicing.
If you need Internet or Cable TV connectivity, your Real Estate Agent should be able to arrange a Representative from the Service Provider to activate the services for you. The activation period could take immediate to a few days.
The security deposit varies from S$50 – S$800 depending on your citizenship as well as the type of business space you are renting.
For foreigners renting an private apartment will require a deposit of S$500 and it will be reflected in your first bill.
Take note at the end of the lease term your Real Estate Agent will go through the same inventory list to make sure the items listed is accountable for.
Any damage or missing items may result in deduction of money from your security deposit.