rent deposits

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bushbride
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rent deposits

Post by bushbride » Fri, 27 Jan 2006 7:08 pm

Hi all,

I am new to this site, and Singapore. I have read the information currently on this site about security deposits for accommodation. However, I have a question, can landlords choose the deposit amount or is this standardised?

I have been asked to pay 3 months rent in advance for a deposit + all the other payments. Any advice is greatly appreciated.
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Deposit

Post by joop » Fri, 27 Jan 2006 7:11 pm

The number of months requested by the landlord varies from landlord to landlord.

Some landlords would require 2 months whereas some expect a 3 months deposit. You can try negotiating with your landlord.
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Post by Scorpion » Fri, 27 Jan 2006 7:18 pm

There is no law for this, but the policy by most of the landlords are 1month advance that is followed by JTC an goverment housing for expats.

But it still depends upon the house owner :(

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Post by bushbride » Fri, 27 Jan 2006 8:59 pm

Thanks for the advice. I was worried that would be the outcome. Butu appreciate your help.
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Post by k1w1 » Fri, 27 Jan 2006 9:54 pm

OMG! No WAY would I fork over three months rent as a deposit. It is standard to pay a month in advance and then a month as a deposit - but three months!

I have heard of sooooo many people not getting their deposits back that I would be very hesitant even paying two months. Three months? That's some serious (potential) damage to their property. If you were such a risk, why are they renting to you. :roll:

There are heaps of properties for rent - take your money elsewhere.

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Post by bushbride » Fri, 27 Jan 2006 10:31 pm

Yeah, I hear what you're saying.

It kind of freaked me out when they told me. Apparently, the owner had a problem with another expat who broke a 2 year contract after 3 months...not my problem, though, Made me wonder why the expat broke the contract in the first place...

3 months security + 1 month deposit + 1 month to the realtor + stamp duty...and running out of time...not making life simple at all.

Oh well, nobody expects a spanish inquisition :?
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Post by kimm » Sat, 28 Jan 2006 7:46 am

i totally with k1w1 with her statement.
there is NO WAY you should pay 3 months........

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Post by k1w1 » Sat, 28 Jan 2006 4:56 pm

What? You're expected to pay five months rent before getting your foot in the door? Seriously, they're taking you for a ride. Go elsewhere. There will be other agents that work in the same area/condo so if you really want the property, you will still probably be able to get something close.

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Post by James** » Sat, 28 Jan 2006 6:09 pm

Well, deposit can go up to 2 months + 1 month in advance if it is a 2year lease and usually they might want a guarantee for at least a year minimum with a clause that unless your job is terminated or whatever reason you are no more in the country within that first year.

It is uncommon to pay 3 months deposit.

In fact you might not need to pay the realtor as he gets his commission from the property owner.

James :)

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Post by bushbride » Sat, 28 Jan 2006 9:37 pm

Thanks James :) The realtor payment protocol is tenant pays if under $2,500 per month. If its over that the owner pays...
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Post by James** » Sat, 28 Jan 2006 10:00 pm

bushbride wrote:Thanks James :) The realtor payment protocol is tenant pays if under $2,500 per month. If its over that the owner pays...
Sorry, I presumed.
:)
Private Properties Rental

Commission payable by Landlord is 1.5 month gross rental for lease between 12 month to 24 months, with an additional half month gross rental for every subsequent 12 months lease or less.

Commission (as service fee) payable by Tenant is 1 month gross rental for lease between 12 month to 24 months, with an additional half month gross rental for every subsequent 12 months lease or less. This commission as service fee is only applicable when gross rental is S$2500 or less.

In a direct transaction (S$2500 & below) by Landlord's Agent with Direct Tenant, Landlord's Agent will collect both the commission and service fee payable by Landlord & Tenant.

In a co-broke transaction (S$2500 & above) by 2 agents, the Landlord's Agent shall pay half the commission from Landlord to the co-broking Agent.

In a co-broke transaction (S$2500 & below) by 2 agents, the Landlord's Agent shall collect commission from Landlord while Tenant's Agent shall collect from the Tenant the service fee.

Payment of Commission : - Full payment by Landlord & Tenant upon signing of Tenancy Agreement.

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Post by Pal » Sat, 28 Jan 2006 11:43 pm

Can take a look at our expat guides:

http://www.singaporeexpats.com/guides-f ... -expat.htm

The commission structure is mentioned in the Procedure for Rental ...

Call us if in doubt :)
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Post by superfurryanimal » Sat, 04 Feb 2006 6:11 am

Indeed it is uncommon to have to pay such a large deposit, you can try negotiating with the landlord and see if they will accept 2 months instead of 3 months rent?

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Post by Siong2 » Sat, 04 Feb 2006 11:42 am

superfurryanimal wrote:Indeed it is uncommon to have to pay such a large deposit, you can try negotiating with the landlord and see if they will accept 2 months instead of 3 months rent?
Normally 1+1 would be fair. :wink:

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Post by bushbride » Tue, 07 Feb 2006 12:15 pm

Thanks so much for the advice ladies and gents :)

Unfortuantley the owner would not renegotiate on the deposit. But our patience has served us well and we have found a even nicer place where they will accept 1+1 deposit.

Thanks again for the great advice! :D

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