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What sort of agreement does a property owner who is overseas have with an agent when giving it out on rent? That is, how are interests of owner safeguarded as he is not in the country to verify condition of property? What additional services would be offered? What additional fees would be charged? Is the owner's physical presence required for signing of rental agreements etc?
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1 Answer

Geryl Lim
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Hi Florida,

An owner needs not to be physically present to sign the tenancy agreement if he/she has appointed a power of attorney to do so. Otherwise, the option will be to courier to the owner and back (at cost of owner or salesperson depending on agreement). It is advisable that the owner has a bank account in Singapore for the tenant to deposit the monthly rental as well as agent to deposit the security deposit in the account should owner be absent, since with internet banking, the owner can track the payment matters easily with internet accessibility.

Specific details can be furnished further if you require.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg
ECG Property Pte Ltd - A Boutique Real Estate Company Read More
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