First Time Condo Renting Questions

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cavemaner
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Re: First Time Condo Renting Questions

Post by cavemaner » Sat, 15 Aug 2015 8:22 am

I've been through the guide a few times, but couldn't really find anything regarding agent specifics

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sundaymorningstaple
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Re: First Time Condo Renting Questions

Post by sundaymorningstaple » Sat, 15 Aug 2015 11:01 am

Have you tried contacting them? Or browse only....
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Re: First Time Condo Renting Questions

Post by noodle.leibbrand » Mon, 24 Aug 2015 10:30 pm

Hi my husband and I just moved to a condo in marine parade 3 bedroom 3 bathroom furnished. We negotiated from asking price SGD 4800 to SGD 4400. We used an agent and I would recommend it as they do all the leg work. We managed to move in after 3 days but make sure you have enough cash to pay 3 months deposit. We didn't have local accounts yet since you have to wait for your EP and transferring money takes long. The only reason we could move in so fast is because the agent paid for us and we paid her back

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JR8
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Re: First Time Condo Renting Questions

Post by JR8 » Wed, 26 Aug 2015 3:24 am

How does this work 'the agent pays for us'? How do you do that contractually?
Interesting your rent with no EP [ie residency].


This could be v interesting to others, I hope you will elaborate.
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Re: RE: Re: First Time Condo Renting Questions

Post by noodle.leibbrand » Wed, 26 Aug 2015 4:32 am

JR8 wrote:How does this work 'the agent pays for us'? How do you do that contractually?
Interesting your rent with no EP [ie residency].


This could be v interesting to others, I hope you will elaborate.
Hi no we did need an EP approved however we were still waiting for the cards to be delivered so we showed the letters from the ministry to prove that we were approved. The thing is the banks will only open an account once you have the actual card. So it's best to make sure you have cash or traveller's cheques at hand because it takes time to transfer money even once you have the account.

Our agent did us a favour because she works with my company a lot but I don't think any agents would do this so best you make sure you have a way to quickly get access to the money for the deposit if you need to move in quick. Hope that clarifies.

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Re: RE: Re: First Time Condo Renting Questions

Post by ecureilx » Wed, 26 Aug 2015 7:21 am

noodle.leibbrand wrote:. We managed to move in after 3 days but make sure you have enough cash to pay 3 months deposit.
3 months deposit ?

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Re: RE: Re: RE: Re: First Time Condo Renting Questions

Post by noodle.leibbrand » Wed, 26 Aug 2015 7:30 am

ecureilx wrote:
noodle.leibbrand wrote:. We managed to move in after 3 days but make sure you have enough cash to pay 3 months deposit.
3 months deposit ?
Hi yes so actually one month is your first months rent plus 2 month security deposit and what they call " good faith deposit"

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Re: RE: Re: RE: Re: First Time Condo Renting Questions

Post by ecureilx » Wed, 26 Aug 2015 9:21 am

noodle.leibbrand wrote: Hi yes so actually one month is your first months rent plus 2 month security deposit and what they call " good faith deposit"
Just my 2 cents.

Especially since you mentioned that the agent works with your company, you can have a lot of 'good faith' deposits :) In fact, I would have expected less deposit, if the agents is working with your company = regular business

I wouldn't place my faith on 2 months deposit, unless something changed - i.e. market is a landlord's market

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Re: RE: Re: RE: Re: RE: Re: First Time Condo Renting Questions

Post by noodle.leibbrand » Wed, 26 Aug 2015 9:51 am

ecureilx wrote:
noodle.leibbrand wrote: Hi yes so actually one month is your first months rent plus 2 month security deposit and what they call " good faith deposit"
Just my 2 cents.

Especially since you mentioned that the agent works with your company, you can have a lot of 'good faith' deposits :) In fact, I would have expected less deposit, if the agents is working with your company = regular business

I wouldn't place my faith on 2 months deposit, unless something changed - i.e. market is a landlord's market
Sure, if you can get a better offer I'm sure you can try. We just wanted to move in and get on with it. There were also 2 agents involved, one on our side one on the land lord side. This seems to be normal here from speaking to people at the office. It's very different to what we were used to but it was all very quick and our agent did all the connections to utilities etc which made life easier.

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Re: First Time Condo Renting Questions

Post by JR8 » Wed, 26 Aug 2015 1:12 pm

Last place we rented was 1 month rent in advance + 2 months deposit. I wouldn't have paid that if there was any way to lessen it.

ps. I'm unclear what this 'good faith' deposit is. I.e how it varies from the standard deposit.
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Re: First Time Condo Renting Questions

Post by MikeJones » Wed, 26 Aug 2015 2:40 pm

I think the "good faith deposit" is paid at the time of signing the Letter of Intent. I seem to remember something about not getting that back (or at least not in full) if I had pulled out of the tenancy before signing the tenancy agreement. Assuming the TA is then signed this is then used for your first months rent so is in effect the first months rent in advance.

Mike

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