Dear Mr. Maruthaih Balasubramanian, In reality of business and life, engaging a close friend is probably the most challenging task as in many instances the long-term built friendship could be either further enhanced or ruined by a misunderstanding or different expectations. When one starts to draft his own Memorandum of Understanding (MOU) and getting the other party to sign, thinking it is legally binded if matter gets out of hand, it is not simply the case. In property lease, there are terms and conditions both parties need to comply. These are not just limited to the rental amount and tenure, but also the way how it should be paid; the covenants of both parties, what if one breaches a condition; what if an inventorised item which is on lease gets damaged and who should be liable for a repair or replacement...? There are more than a MOU. A tenancy requires the tenant to pay an stamping fee whether the leased property is a HDB or PTE, and HDB owner is required to seek approval for any lease as well. A responsible real estate salesperson would do all the above to make the transaction transparent and complete. Call me at
(65) 98765130
or email
98765130
tctan@gmail.com. I'm sure I could be of help. Cheers.
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