Sign the Letter of Intent (LOI)
Once you decide on the home you want to rent you usually then sign a Letter of Intent (LOI), which states your intention to lease, as well as any requirements you have. Pay attention to the following components of the LOI:
·Booking/Good Faith deposit - one month’s rent.
·Security deposit - one month’s rent per year of lease
·Lease term: Standard lease term is one year or more. Monthly rental mey be higher for shorter leases
·Requirements: State your requirements clearly e.g. change mattress
More about Letter of Intent here
Sample Letter of Intent
Sign the Tenancy Agreement
After signing the LOI and putting down a deposit, you will then sign the Tenancy Agreement. You will also have to pay the advance rent together with the signing. Pay attention to the following components:
·LOI and Tenancy Agreement should match: Ensure that terms agreed in the LOI are also present in the Tenancy Agreement.
·Installation and monthly charges: Is it included in the rent?
·Repair and maintenance: What you are responsible for
·This Agreement has to be stamped by the Inland Revenue Authority of Singapore before it is considered a valid contract. Cost is usually borne by the tenant. The stamp duty payable is 0.4% of the rental amount.
·You may have to pay the agent commission (½ to 1 month) depending on the lease term.
More about Tenancy Agreement here
Sample Tenancy Agreement