One month's rent is paid alongside the Tenancy agreement when the tenant physically occupies the premises. But the Security Deposit is given alongside the LOI, as a token money of sort to book the premises / unit! Only a LOI without any deposit would have no validity, I suppose.BillyB wrote:I thought you only paid monies once the tenancy agreement was signed? A letter of intent doesn't convey much in terms of legal framework. It could be legally binding I'm not sure.
There should be procedures in place to address any issues you might be facing, but, as you say, it's a waste of time and effort on your part and you are the one losing out because the landlord is sitting on your dollar.
I think you'll get better clarity on the state of play from some of the more experienced property guys here.
I'm a landlord with about 60 successful let/years under my belt, so even with the cultural peculiarities of SGn landlords (blinding greed, even to the extent of it losing them money) I do have some idea what is motivating them.BillyB wrote:Rome wasn't built in a day Delia, we would have got to the nitty gritty in the end!!
I would say dont get so worried so soon. Its isn't normal to request for a viewing before the move in date. That generally doesn't happen and the agent may be just trying to avoid the hassle. When is the move in date? Normally if the owner and agent are genuine they would honor the LOI and the move in date.prekha2005 wrote:I am not really worried about getting the deposit money back! I know, I will get that back, if the landlord does back out!
What I am concerned about is the other financial loss I would be incurring in case the landlord goes back on the LOI! Can I sue the landlord and the agent then? Can I get the landlord to pay up for the loss I will incur because of having waited in the impression that I was going to get the house?
From what I have been reading on some property related websites, it seems that the LOI is not legally binding! That is, if the landlord back off, all he or she has to do is pay back the security deposit and nothing else!
I am so pissed off in general! Never did I think that of all the places, I could be potentially having such a problem in Singapore! Really hoping that everything is just fine and my agent will call anytime to tell me that the Tenancy Agreement has been signed!
In the meanwhile, please do let me know if I can take the Landlord to the Court or not? If I can, then I am definitely not going to hesitate! I have both the resources and the courage to do so!
@Billy, thanks for the words of encouragement
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