Tuesday, April 20, 2010

Renting Properties In Singapore – Safeguards For Tenants

Get a reliable real estate agent to represent your interests – referrals from friends, colleagues is usually the best way to go. You can also look through classifieds ads, view a couple of properties and thereafter engage the services of an agent who was listing one of the properties. Collect the agent's name card and double check with the real estate agency to ensure the agent is really working with the company.

Confirm ownership of property – you can request for the agent, landlord for proof of ownership. You can also purchase ownership information, e-valuation list (recent property tax information) from the authorities to verify ownership.

Issue cheque or cashier's order for payments – instead of giving cash for deposit to the agent or landlord, you should issue payments out in cheque or cashier's order, and specifically made out to the landlord's name as found in the title search, ownership information searches.

Read through the legal documents properly - many tenants do not bother to properly read through the legal documents (Letter of Intent and Tenancy Agreement). These are legal contracts and should be read carefully. If you do not understand the terms in the contracts, double check with the agent, landlord or other friends who have rented properties in Singapore. You can then know whether or not the terms in your contract is fairly practised in the Singapore real estate market.

Commission is payable to agencies (not agents) - commission fees should be paid to property agencies (not property agents) and you check with IRAS (Inland Revenue Authority of Singapore) to see whether the property agency is licensed.