Letter of Intent - What if the Landlord backs off?

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x9200
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Post by x9200 » Sat, 21 May 2011 7:58 pm

A clause to let the potential buyers to see the apartment is pretty standard one here but it never allow "any time" but at reasonable times and subject to appointment with the tenants. Besides, every single TA has a clause on peaceful enjoyment of the premises by the tenant so too frequent viewers not to mention at "any time" would contradict this clause.

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prekha2005
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Post by prekha2005 » Sat, 21 May 2011 9:19 pm

x9200 wrote:A clause to let the potential buyers to see the apartment is pretty standard one here but it never allow "any time" but at reasonable times and subject to appointment with the tenants. Besides, every single TA has a clause on peaceful enjoyment of the premises by the tenant so too frequent viewers not to mention at "any time" would contradict this clause.
We just got the TA (And refused it too! Getting the money back tomorrow) and it states that the house will be open to viewing four days in a week, 2 hours each time, including Saturday and Sunday, starting from the day we move in! That effectively means, we will be having unwanted guests four times in a week! Every home-owner's dream come true!

And to top it, they are asking for a 3 month Security Deposit, against the standard 1+1! And they also have strange clauses like, taking written permission from the owner before hanging a painting on the wall! (Seriously....it is written in the TA!!! I had to laugh on this one, despite my grim mood!) They are also asking us to given in writing that we will get their blinds and curtains drycleaned once every month! :lol:

So basically, we are back to looking for another unit and totally screwed, cause the Service Apartment cannot extend our dates and we have exactly 7 days to move out!

We have a couple of houses lined up to see in a day or two and everywhere I am insisting that if we like the house, we won't wait and will sign the TA within 24 hours!

The agent, as usual, says yes to everything on phone, but when it comes to jotting down everything on paper, the story is totally different! Don't know what is going to happen, hoping for the best!

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Strong Eagle
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Post by Strong Eagle » Sat, 21 May 2011 11:20 pm

I'm sorry... do you have a big red 'S' stamped on the middle of your forehead?

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JR8
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Post by JR8 » Sun, 22 May 2011 2:29 am

Can you sue for the ‘breach of impressions’ you say you held? No.

A LOI does usually serve some purpose. It indicates to a landlord who is showing a flat receiving good tenant attention that a party is serious. Just as the landlord in this case dicked about, so too can tenants (surprise!). So a holding deposit is a constructive statement of intent, although a months rent is way excessive in my opinion. When I have used them I have taken a week which is then offset against the initial rent/depo.

The advantage of the LOI/holding depo to the tenant is that the landlord can be pretty comfortable he has the unit let, as prospective tenants don’t tend to pay multiple holding depos willy-nilly. That means that he and his agent will (usually, but maybe not in SG!) stop marketing a property. Both parties (usually) have decent clarity of intention, whilst the admin and TA is firmed up.

Can you take action against the Landlord’s agent for not telling you the owner wanted to sell it? No of course not, as you have no evidence the agent knew.

Suggest you stop lunging at shadows.

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Post by JR8 » Sun, 22 May 2011 2:30 am

Strong Eagle wrote:I'm sorry... do you have a big red 'S' stamped on the middle of your forehead?
Image

Have MASTER, can spell whole word.

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Post by cbavasi » Wed, 25 May 2011 7:38 am

I completely understand where the OP is coming from... I think if you are used to dealing with a "standard" rental process (i.e. sign a form, hand over money, get keys) and then you move here and get jerked around the first time it's very unsettling. I think my first post on this site was pretty much the same - wanting to collar some agent for screwing up our lease - same situation except I'd left the country with signed LOI, banked check and got a phone call saying the "cousins" were moving in. (The "cousins" turned out to be a lovely English family who used the landlords agent so he didn't have to split the commission.)

I think this is a live and learn scenario - try and get the TA as soon as possible. Usually it will take a couple of days - but our last 2 moves I've said my husband was traveling so we needed the papers signed before he left. Seems to help speed things along.

The whole process can be nerve wracking - don't let it dissuade you - but be weary if the landlord is difficult to deal with from the get go (LOI) then will probably be just as difficult if you need something fixed.

Good luck - you can definitely find and land a place in 7 days (especially with 1st of the month so close) - they will want to sign the papers straightaway.

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