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...
Renting Tips
Tenancy Agreement. The legal contract that lists out the terms of the lease between the landlord and tenant. These include the duration of the lease, the option to renew, and the rental rates among others. Security Deposit. A security deposit is usually required upon signing of the Tenancy Agreement, and refunded without interest when the lease ends. The landlord reserves the right to deduct from the...