Hi,
The purpose of signing a Tenancy agreement is to ensure upon both parties; landlord & tenant, had reached a common understanding of what each parties agreed to and to protect both parties interest.
In order to ensure both parties keep their promise as agreed, legal document is drafted and signed.
Paying a stamp duty to IRAS is to ensure the document is legalized, so as to make sure that both parties honour their words till the end of the tenancy agreement. This agreement will then recognized in court if there are any dispute.
Such as no increment of rent rate during this agreement period, no chasing out of tenant as and when landlord wish to. Tenant has to pay the agreed rent on time, and maintain the premise as per agreed.
The fee incurred shall dependent on the length of lease, any lease term equals to one year and below, it is half month rent in current market practice.
One month rent for two years lease and below but more than one year.
Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
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