A Tenancy Agreement is a crucial legal document that outlines the rights and responsibilities of both landlords and tenants in Singapore. This agreement protects the interests of both parties. Therefore, both should thoroughly understand it before signing.
Essential Components of a Tenancy Agreement
When entering into a tenancy agreement, ensure it includes the following key details:
- Date of Agreement: The date on which the agreement is executed.
- Property Address: The specific location of the rented premises.
- Landlord and Tenant Information: Names, identification numbers (NRIC, Passport, FIN, UEN), and correspondence addresses.
- Occupants: Names of individuals permitted to reside in the property.
- Tenancy Duration: Minimum periods are six months for HDB flats and three months for condominiums.
- Rent Details: Amount, payment schedule, and accepted payment methods.
- Security Deposit: Typically, a two-month deposit is required for a standard two-year lease.
- Stamp Duty: A fee of .4% of the total rent for leases of four years or less, usually paid by the tenant.
- Repair Responsibilities: Clauses regarding minor repairs and maintenance obligations.
- Inventory List: A detailed list of items included in the rental.
Important Considerations for Tenants
- Defect-Free Period: Tenants have 30 days from the start of the tenancy to report property defects. The landlord must address these defects at no cost to the tenant, barring tenant negligence.
- Minor Repairs: Tenants are responsible for minor repairs after the defect-free period. Depending on the property type, the cost limits are typically set between $150 and $1,000.
- Diplomatic Clause: Allows tenants to terminate the lease early under specific conditions, such as job transfers. Tenants must provide two monthsโ notice.
- Inventory and Condition Reports: Conduct a thorough inspection of the property upon moving in. Document any existing issues to avoid disputes later.
- Obligations During Tenancy: Adhere to rules regarding alterations, subletting, and maintaining the propertyโs condition.
- Moving Out: Return the property in its original condition, remove all personal belongings, and complete any necessary cleaning.
Conclusion
Understanding the intricacies of a tenancy agreement is vital for a smooth rental experience in Singapore. To begin with, both landlords and tenants should be aware of their rights and responsibilities. This is crucial to avoid potential disputes.
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