First Time Condo Renting Questions

[cavemaner]

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

[sundaymorningstaple]

Have you tried contacting them? Or browse only....

[noodle.leibbrand]

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]

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.

[noodle.leibbrand]

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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[ecureilx]

. We managed to move in after 3 days but make sure you have enough cash to pay 3 months deposit.

3 months deposit ?

[noodle.leibbrand]

. 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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[ecureilx]

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

[noodle.leibbrand]

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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[JR8]

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.

[MikeJones]

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