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 | Property Jargon |
When reading the property classifieds looking for a house or apartment to buy or to rent, some terms may be unfamiliar - here are explanations of the key real estate terms used in Singapore.
Letter of Intent (LOI)
|
This is the written offer made to the landlord by
the tenant outlining the terms of the proposed Tenancy.
That is:
- rent
- duration
- commencement date
- works required and other factors
It is important at this point for the tenant to request everything
they want the landlord to provide or pay for such as hot water in all
bathrooms and kitchen, variable temperature washing machine, dryer,
dishwasher, oven, pest control, air-conditioning maintenance, garden and
pool maintenance. Once this letter is signed by both parties, it is very
rare the landlord will agree to provide anything additional.
On acceptance by both parties, a one month good faith deposit
is payable. |
Tenancy Agreement/Lease
|
A tenancy or lease is a legal contract between the landlord and the
tenant. This document is drawn up after the terms outlined in the Letter
of Intent have been agreed and accepted by both parties.
Landlords have a strong preference for residential Tenancy Agreements
to be in the name of the employee's company rather than a personal
lease. Some landlords refuse to accept personal leases and, those that
do, often require more than the normal two to three months security
deposit. |
| Proof of Immigration Status |
In Singapore, the landlord is held personally
responsible for any people living in their property that do not have
legal residential status. Therefore, prior to the commencement of the
lease, the tenant is required to supply to the landlord with the
following:
- Registration of Company Certificate (in the case of a corporate
lease)
- Confirmation of Employment Letter (in the case of a personal
lease)
- Copy of Passport for all occupants
- Copy of Employment/Dependent/Student passes for all occupants.
|
| Partly Furnished/Fully Furnished |
Partly furnished accommodation usually has air-conditioning
units, refrigerator, hob, cooker, hood, light fittings and window
treatments.
Fully furnished accommodation will usually have all hard
furnishing such as beds and side tables, dining suite, lounge suite,
occasional tables, etc. Some landlords also provide other items such as
table lamps, fans, televisions, and other appliances. |
| Funds Payable |
- One month advance rent
- Two/Three months' security deposit
- Stamp Duty
|
| Good Faith Deposit |
Generally paid subject to contract when an offer is made on a
property, prior to receiving or approving the draft Tenancy Agreement.
This deposit will form part of the two or three months' security deposit
when the Tenancy Agreement is executed by both parties. |
| Security Deposit |
Two or three months' rent held by the landlord for
the duration of the Lease against damages caused by the tenant. |
| Term |
The lease period is usually two years with an option to renew for a
further one year. |
| Diplomatic Clause |
Most landlords will agree to a "diplomatic
clause", which means the tenant can give early notice to terminate,
usually only after the completion of the first twelve months of the
term, by serving two or three months written notice or payment of rent
in lieu thereof. This clause is only exercisable in the event the tenant
or occupant is transferred from Singapore or refused a renewed
Employment Pass. In the case of a Corporate Lease, this clause is also
exercisable in the event the occupant ceases to be in the employ of the
company. The tenant will be responsible for refunding the commission on
a pro-rata basis to the landlord. |
| Rent |
This is the agreed monthly amount which remains constant for the term
of the lease. Normally it includes the monthly maintenance and sinking
fund charges payable to the Management Corporation. The rent is open to
negotiation in the event the tenant exercises the option to extend for a
further one year term after the initial two year lease terminates. Rent
is payable direct to the landlord, monthly, in advance. |
Local Terminology
|
Phrase |
Explanation |
|
2+1 |
2 bedrooms plus servant's room |
|
4 +1 |
4 bedrooms plus servant's room |
|
Air Con |
Air conditioning |
|
Bungalow |
Doesn't necessarily mean one level, just that it stands alone |
|
Maisonette |
2 level apartment with bedrooms and main bathroom upstairs |
|
Condo (Condominium) |
Apartments which include facilities such as a pool or tennis court |
|
Level 1 |
The ground floor in Singapore |
|
Strata-titled property |
An apartment in a building, where some areas are common/shared |
|
Semi |
Semi-detached house or one townhouse |
|
Shop House |
A property that used to be a traditional shop selling spices or trading from years past. Many of them are now on the conservation list |
|
Black & Whites |
Colonial houses |
|
District 9, 10 & 11 |
The name refers to the main expatriate areas. These numbers are no longer used officially, they refer to 'old' postal districts |
|
Heartlands |
Where middle class/working class Singapore lives |
|
Land-titled property |
Property within its own land |
|
HDB |
Housing Development Board -apartments only available to Citizens & Permanent Residents |
|
Fogging |
Mosquito prevention. Areas are fogged with pesticides |
|
Pest control |
A regular service provided to homes to prevent infestation of pests like cockroaches, ants, etc. |
|
Neg (negotiable) |
Several prospective tenants may look at the property and the one making the best
offer will get it |
Information supplied by Citiprop Pacific, 14-7 Dempsey Road
Singapore
Website / Tel: 6473 2777
Copyright © Citiprop Pacific All Rights Reserved
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