Considerations when Renting a Singapore Property

When looking for a property to rent, above all else you need to consider the location. Selecting the right location is very important because it determines the level of convenience to you and your family. Apart from that, property size, facilities, duration of lease, level of furnishing, and your budget are also other important factors to consider.

Do you prefer to live in a quieter neighborhood surrounded by lush greenery or do you feel more at home living right in the heart of the city? Before you make a decision, you need to consider the needs of those living with you too.

Lease is a term used to describe a grant to own a property on temporary basis, given after accumulating a compensation, for an agreed amount of time, at a specific rate. Singapore is no exception from this form of property deals but the buyer or seller would need to be careful and well informed about the rules of the trade.

A property can be leased out for any period of time ranging from 5 years to 99 years, depending upon the requirements of the buyer and seller. Lease and other deals in property in Singapore are commonly done these days. The Singapore Property business has developed a lot. It is a very prosperous business in this business in Singapore.

Once the property is leased, both parties should stick to the terms and conditions in order to avoid inconvenience during re-transfer of ownership or re selling the Singapore Properties.

In Singapore, a property is leased out for period of 1 year, generally and both the parties need to give a two months notice before the lease is terminated. But in 2005 the government also started off with a new law where a property can be leased, even to foreigners for 99 years.

In order to save the interest of the buyer, the buyer should record all his options mentioned in the deal. This serves as a public notice as and when you the recording of options take place in Singapore Real Estate public records.

One needs to have an escrow for the deed as it would help the buyer in collection of the deed in case he is not able to reach or contact the seller or the seller is dead. Recording a mortgage also serves a good purpose of protecting the interest of the buyer after the purchase option is duly signed by both parties.

In this case if the seller pulls back after the completion of the legal formalities, the buyer has the option to foreclose and the seller would have to seek legal assistance to save his interest

Buy, Sell, Rent, Invest, In Singapore

Mindy Yong 杨雯诗

CEA Registration Number : R021232Z

Tel: (+65) 91002985
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mindy@mindyyong.com

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