12 Fast Facts that Landlord and tenant needs to know

1. The tenancy agreement is a contract that defines the relationships between the Landlord, their tenants and the rented property. 

2. Don’t sign the tenancy agreement before you fully understand. Once signed, it becomes a binding contract with your agreed obligations.

3. The tenancy agreement cannot override the statutory rights and condo management by-laws.

4. The landlord is obliged to give you contact information – name and address for written notices. They may provide their managing agent as long as you can reach them.

5. Tenants have to pay rent according to utility bills and broadband services.

6. The landlord is in charge of the cost above the minor repairs and management fees. You are responsible for informing them when a repair is due on the property.

7. The landlord is obliged to keep the structural, electrical and sewages in good order.

8. You have a right to private enjoyment of your home. You can change the locks; however, you still have to pass one set of spare keys to the Landlord for safekeeping.

9. You can only end a tenancy in its fixed term with the agreement of the Landlord or a break clause included in the tenancy agreement.

10. If you rent with a periodic or fixed-term tenancy, you can end your tenancy with a standard two-month before expiry notice unless otherwise stated

11. No impromptu “inspections” during the tenancy unless otherwise stated. Any visit prior shall be made an appointment with the Tenant.

12. Rents arrears of more than seven days conform to a breach of contract. The landlord has the right to evict the tenant if there is a breach of contract.

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For Landlords: (12 Fast Facts that Landlord and tenant needs to know – Due Diligence)

1. Legal Obligations: Landlords must know their legal obligations, including providing a safe and habitable living space, following fair housing laws, and respecting tenant rights.
2. Lease Agreements: A well-drafted lease agreement is crucial. It should outline both parties’ rent, security deposit, rules, and responsibilities.
3. Property Maintenance: Landlords are responsible for maintaining the property, ensuring it meets health and safety standards.
4. Security Deposits: Landlords can typically deduct for damages beyond normal wear and tear from the security deposit.
5. Eviction Rules: Evicting a tenant varies by jurisdiction and must be done legally.
6. Insurance: Landlords should consider landlord insurance to protect their property and liability.

For Tenants: (12 Fast Facts that Landlord and tenant needs to know – Due Diligence)

7. Lease Review: Tenants should thoroughly review their lease agreement before signing, ensuring they understand all terms.
8. Rental Payments: Pay rent on time to maintain a good relationship with the landlord.
9. Security Deposit: Document the property’s condition and defects when moving in to ensure a fair return of the security deposit later.
10. Tenant Rights: Tenants have rights, including the right to a safe and habitable living space, privacy, and the right to withhold rent for essential repairs (in some cases).
11. Renewal Options: Understand lease renewal terms and timelines, and communicate with the landlord in advance.
12. Notice Periods: Both landlords and tenants must provide proper notice when ending a lease or making changes.

There is always complexity to the contract and the implicit and explicit agreement between the tenant and landlord.

Understanding these facts can help landlords and tenants navigate their responsibilities and rights, leading to a smoother rental experience for everyone involved.

Will require handling with care, and property management company should be experienced in handling conflict management.

We offer an alternative to landlords keen in renting the condo to the co-living companies. We will have our panel of co-living companies that are already established and prompt in payment. Virtual Tour for a 4 bedroom Condo Co-Living. Let WING TAI HOLDINGS Team, the property manager assist you in securing the best terms and conditions as well as protecting the landlord’s interest when it comes to contracting the tenancy agreement.

Common issues arising when comes to renting your apartments;

1. Mould issues in the premises.
2. Aircon not cold Issues in the premises.

Conclusion:

Renting a property can be a smooth and mutually beneficial experience when both landlords and tenants are informed and aware of their rights and responsibilities. By understanding these 12 fast facts, you’ll be better equipped to navigate the rental process successfully and avoid potential disputes.

The post 12 Fast Facts that Landlord and Tenant needs to know appeared first on Wing Tai Holdings Singapore.

Keep reading to learn effective property management tips that will ensure a positive experience for both you and your tenant.

Conduct Property Maintenance Regularly

It won’t matter how good of a location your property is if the premises are poorly maintained, as that is a huge turn-off for potential tenants. Lower quality properties would naturally attract lower quality leads, and that is a situation you should avoid.

It is also more cost-effective to meet maintenance needs on a regular basis rather than putting it off and risking having a costly emergency issue that requires your immediate attention. Nevertheless, the cost of these frequent fixes can add up quickly and you might be concerned about the heavy burden of the cost. The good news is that there is a solution to this, so keep reading to learn more.

Screen Tenants Before Renting Out Your Property

It may be tempting to rent out your property as soon as possible to receive rental earlier, but it’s actually more practical to take some time to carefully screen tenants. This step is extremely crucial as the quality of the tenant could make or break your leasing experience.

Conduct a background check and ensure that the potential tenant does not have bad credit or criminal histories. Identify some qualities of your ideal tenant and ensure that you pick the right tenant with consistent payment behaviour and no outstanding debts.

Communicate Well With Your Tenant

When it comes to communicating with your tenant, you’ll want to be transparent and easygoing. It is likely that you will be working with them long-term, hence building trust in the early stage is crucial.

First and foremost, you should always be upfront and truthful with your tenant. By setting and managing expectations from the beginning, you’ll be able to avoid potential conflicts down the road. You’ll also want to be easily accessible to tenants at reasonable hours, and ensure that you inform them in advance if you will be unreachable during a certain period.

Fostering smooth communication is key to building good working relationships with tenants and will ensure a smooth rental experience in the long run.

Hire a Property Manager

If you follow all of the steps above, you’re one step closer to having a smoother leasing journey. However, it will likely take up a lot of your time and energy, and it’s nowhere near the ideal “passive income” life we all strive to have. That’s where a property manager comes in.

A property manager manages day-to-day matters with the tenant throughout the entire journey – pre, ongoing, and post rental stages – so that you as a landlord don’t have to do a single thing. In other words, you get to enjoy a true passive income lifestyle!

Besides helping you to vet through potential tenants, property managers also help landlords to collect rent payment on time, arrange for repairs and maintenance, assist with tenant concerns, and more. The best part is that property managers have strong industry connections when it comes to maintenance needs — that means they are able to get much cheaper quotes from top-notch vendors.

Ready to enjoy passive income? Consider working with the property management experts at Wingtaiholdings.sg, where 95% of clients get high-quality tenants within 1 month and save up to $5,000 in expenses.

The post Important Landlord Tips & Tricks For Managing Rental Property Easily appeared first on Wing Tai Holdings Singapore.