Should I sign LOI and give deposit amount without IPA//EP?

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Should I sign LOI and give deposit amount without IPA//EP?

Post by SuyashDixit » Sun, 28 Aug 2022 10:18 pm

I am Singapore with a tourist visa at the moment and I have finalized an apartment. I am still in process of getting my EP and IPA.
I am expanding our business in Singapore so I got a consultancy "Osome" to register a new company in SG and apply for my EP. They have got the company registered and filed for EP which is still in process. They are saying the expected date I can get EP is October first week.
Now the agent has prepared a LOI (which I have signed and given back) and sent the bank details to deposit the first month's deposit.
1. Although, it is a clause on LOI that if I get rejection in IPA/EP then money has to be deposited back by the landlord, should I deposit the money?
2. Should I deposit the money first and then wait for the landlord to sign LOI or should I get it signed first from the landlord and then deposit the money?

Thanks In advance for the help.

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Re: Should I sign LOI and give deposit amount without IPA//EP?

Post by abbby » Thu, 29 Sep 2022 9:28 am

To be on the safe side, it's better to wait for your EP to be approved before renting. For number 2 it's like the chicken and egg story, which one comes first. By right the owner should receive the one month deposit and sign the LOI but the concern is -what if he rejects the offer. If you have a cheque, writing a cheque would be better and give it with the LOI. If not, just do a cashier's order.
The secret of life is honesty and fair dealing. If you can fake that, you've got it made. - Groucho Marx (1890-1977)

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