3 Answers

What did you appointed agent indicate? In the first place, why is there no LOI signed and you have accepted the deposit? Not sure what exactly is going on here.

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

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Warmest regards,
Geryl Lim
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Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
 +65 92787772 
www.geryllim.com

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1
Hi,

I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Have a good day ahead. By the way, what is the advice of your agent then?

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Hi k***@outlook.com,

Here's the situation regarding your rental property deposit:

Deposit Without LOI: Since you haven't signed a Letter of Intent (LOI) with the tenant, there's no legally binding agreement outlining deposit terms.
Technically:

No Cooling-Off Period: Without an LOI, there's no mandatory cooling-off period for you or the tenant. You could potentially argue that you've changed your mind and decide not to rent to the tenant.
However, there are some considerations:

Potential Dispute: If the tenant wants to proceed with the rental after giving you a deposit, they might dispute your decision to back out. This could lead to a disagreement or even a small claims court case.

Ethical Approach: Taking back your word after accepting a deposit can damage your reputation as a landlord.

Recommendation:

Refund Deposit: The most ethical approach is to refund the deposit to the tenant in full, especially since there's no LOI.

Communicate Clearly: Explain your reasons for backing out and apologize for any inconvenience caused.

Future Reference: For future rentals, consider using a formal Letter of Intent to clearly outline expectations and deposit terms for both parties.

Additional Tips:

Tenant Screening: Implement a thorough tenant screening process to find suitable tenants before accepting deposits.
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