We are moving to Singapore, have heard and read horrible stories of landlords not returning or abusing rental security deposits at the end of lease. Even cases that landlords do not pay the real estate agencies/agents for placing tenants.
In Australia, the security deposit is paid to, and held by government sponsored Rental Deposit Bond Boards, and all interests earned are shared equally by the landlord and the tenant.
Is there any way to have the rental deposits held securely by a neutral 3rd party in Singapore? (be it government bond board, or legal entities, like solicitors) - if not, what legal safe-guards can be put in place to ensure the integrity of the security deposits.
We are looking at high-end rental, and afraid that some landlords may run into financial difficulties during our lease period.
Read the Sticky: Tenancy agreements/leases and your rights as a tenant its located Staying and Living in Singapore.
Short answer is no but you can take steps to minimise risk. Read the thread its a commonly asked question.
There are also a number of standard agreements to look at through google to get an idea of whats generally asked. Compare it to what your agreement says. Adjust the agreement or get clarification on terms you dont understand. Get a good agent they are worth their weight in gold. A reference from someone is the best. An agent should have access to a number of properties in any one building, if they dont they are small time. Be more careful with everything here.