The Deposit Rental Agreement is essential in Singapore's property rental market to protect both landlord and tenant interests. This document, governed by Singapore law, establishes clear terms for security deposit management, typically amounting to one or two months' rent. It sets out conditions for deposit return, permissible deductions, and dispute resolution procedures, ensuring compliance with local property regulations and the Civil Law Act. The agreement is particularly important given Singapore's active rental market and strict property regulations.
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Key Requirements PROMPT example:
Deposit Rental Agreement
"I need a Deposit Rental Agreement for a 2-bedroom condominium in Singapore, with a security deposit of 2 months' rent and specific clauses about pet damage, as the tenant has two cats moving in from March 2025."
1. Parties: Details of landlord and tenant, including full legal names, identification numbers, and addresses
2. Background: Context of the rental agreement and purpose of the security deposit
3. Definitions: Key terms used in the agreement including 'Security Deposit', 'Property', 'Lease Term', etc.
4. Property Details: Full description and address of rental property including unit number and postal code
5. Deposit Amount: Specific amount of security deposit and payment terms including payment method
6. Duration: Term of deposit holding and conditions for extension
7. Return Conditions: Terms and timeline for deposit return, including inspection requirements
8. Deductions: Comprehensive list of permitted deductions from deposit and process for disputes
1. Special Conditions: Additional terms specific to the property or parties, such as special maintenance requirements or unique circumstances
2. Interest: Terms regarding any interest accrued on the deposit and how it will be handled
3. Third Party Rights: Rights and obligations of guarantors or other involved parties
1. Schedule 1: Property Inventory: Detailed list of furniture, fittings, and appliances included in the property
2. Schedule 2: Property Condition Report: Comprehensive documentation of property condition at the start of tenancy, including photographs
3. Appendix A: Payment Schedule: Detailed breakdown of payment dates, amounts, and methods for deposit and rent
4. Appendix B: House Rules: Specific rules and regulations for the property including maintenance responsibilities
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