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I have an industrial unit. My agent gave me 1 month advance rental as a deposit for the tenant's intention to rent and i signed the tenancy agreement (TA) given by my agent. My agent promised to give another 2 months deposit once the tenant signed the TA. However, when my agent asked the tenant to sign the TA, he backed out and asking for the refund of the 1 month rental? Should i refund or is it legally to forfeit even though the TA is not signed yet?
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1 Answer

Phua Choon Teck Sunny
Replied
Hi WTH,

Before accepting the Letter of Intent and deposit, the terms and condition in the Letter of intent must be understood and agreed to . Anything unsure must be clarified before accepting the deposit and the Letter of Intent. In most case, the Letter of Intent will state the terms and conditions subject to contract (Tennacy agreement) and the consequences if the tenancy agreement cannot be agreed upon by both parties within a stipulated period.

In your case, it is advisable to fall back to the terms and conditions in the Letter of intent in this situation.

All the best.

Sunny Phua
OrangeTee
CEA Reg No. R031750D
M: 81685708 
sunny.phua@orangetee.com Read More
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