- Tenant finds a unit and makes an offer to rent it.
- Tenant gives a Letter-of-Intent with a cheque for 1 month rental as Goodfaith Deposit. In the Letter-of-Intent, all requests such as level of furnishing, date of handover of keys, etc are spelled out.
- If offer is less than what the owner originally asked for, it will then be subjected to acceptance. Further negotiation may result.
- If owner accepts the offer, the Goodfaith Deposit will be handed to owner and owner will countersign the Letter-of-Intent.
- Should tenant backs out the deal after that, the Goodfaith Deposit will be forfeited.
- The Tenancy Agreement is then drafted and subject to both parties’ agreement.
- Upon signing of the Tenancy Agreement, the tenant will have to give the 1st month advance rental. The previous 1 month rental will be used as a Security Deposit which will be refunded upon termination of tenancy. In the case of two-year lease, another additional 1 month rental will be required.
- At this point, any payment of commission to the agent, if applicable, is made.
- The Tenancy Agreement will be stamped, with the owner and tenant keeping a copy each. The stamping fee will be borne by the tenant.
- The tenant has to apply for water, electricity, gas supply, and telephone line. The setup and monthly charges for such services are payable by the tenant.
- When handling over the keys, be sure to go through the Inventory List that every item is accounted for. Any missing / damaged item should be checked with the owner’s acknowledgement. In this way, the tenant will not be liable when the lease matures.
