Wednesday, September 3, 2008

Business Portal

Business Portal

Renting a Property in Singapore is Easy!

Posted: 02 Sep 2008 12:54 PM CDT


When it comes to Singapore real estate, it involves much more than buying and selling property but also involves property rent, which is wonderful when urgency is involved. This urgency usually comes in the form of someone who is new to Singapore and needs a place to stay as soon as possible.

The best way to find a rental property in Singapore is to find a realtor as soon as you can. They know the process and a good agent will keep your interest in mind throughout the acquisition. Property rent can be a tricky process, so you want to definitely stick with one agent at a time rather than approach several at once. Most agents use the same databases, so you may possibly be shown the same property twice if you engage too many agents at once. You also want an agent that is going to keep you from signing a rental agreement that will set you up for disaster. Since Singapore law leans more toward the landlord, you want to be sure that you are 100% aware of what you’re signing.

However, you have to make sure your agent knows your budget and what location you prefer. You have to pick a location that is suitable for you and your family. If you are foreign and you have found your desired property, you will need to provide the following:

  • A copy of your passport
  • A copy of your employment pass
  • The first month’s rent for the initial deposit (after the landlord has signed your letter of intent. The landlord must hold the property)

After you have provided the necessary materials, your agent will prepare the required paperwork, which includes a Tenancy Agreement and the Letter of Intent. The letter of Intent will describe to the landlord your intention to lease the property and your particular requirements. After it is determined that you meet the requirements, you are ready to move in.

Most importantly, make sure you pay close attention to the terms of the lease and to know that the Diplomatic Clause allows you to receive your deposit back if you terminate the lease after 12 months upon a 2 months’ notice if you are unemployed or relocated. This is another area in which it is important to have an agent that has your best interest at heart when engaging in property rent. Once you have acquired the agent and the desired property with a fair lease, you are on your way to enjoying life in Singapore.
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