Common Terms You Will Find In Tenancy Agreements In Singapore – What Do They Mean?
This article aims to provide an overall guide as to common terms and obligations imposed on landlords and tenants.
It ought to be noted that whilst landlords and tenants may contract as they wish, and negotiate on any term in the tenancy agreement, there are some common terms found in most tenancy agreements. These shall be explored and explained further below.
Peaceful Re-Entry in Singapore
In Singapore when a Tenant has defaulted on paying rent or has failed to complied with clauses in the tenancy agreement that are fundamental, it entitles the Landlord to terminate the tenancy agreement. When a tenancy agreement has been terminated Landlords are often found in a position where they would need to evict the tenants so that they can find new tenants for the property.
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Security Deposit In Singapore
What is a Security Deposit?
A security deposit is a one-time, refundable sum of money that a landlord would typically collect from a tenant to safeguard a landlord financially from damages to a rental or leaves unexpectedly without paying rent, whereby a landlord can then off-set from the said security deposit. This security deposit is then refunded to the tenants when the rental period expires
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As a Foreigner Is Your Landlord Withholding Your Security Deposit?
With the number of foreign expatriates working in Singapore, it is common to find most of them renting properties for periods between 6 months to 2 years, given that it is not economically sound for expatriates to purchase residential properties in Singapore.
Like all tenancies, a common dispute that arises is over the return of security deposit.
Applying for self-declared Bankruptcy in Singapore
What is Bankruptcy?
When a person is unable to pay off his debts, he or she may be declared bankrupt. If the person is declared bankrupt, their assets will be sold and the proceeds put into a bankruptcy estate. The bankruptcy estate will not include assets that are protected from bankruptcy e.g. HDB flats, CPF monies. The person will be listed in Singapore’s bankruptcy register until such time the bankruptcy is discharged.
Debt Repayment Scheme in Singapore
What is the Debt Repayment Scheme (“DRS“)?
The DRS is a sanctioned plan for the debtor to pay off his creditors in accordance with the DRS. The Official Assignee (“OA“) is in charge of administering the scheme.
Why apply for the DRS?
Life As a Bankrupt: After a Bankruptcy Order in Singapore
What happens after Bankruptcy Order is made?
Once you are declared a bankrupt, your assets will form part of your bankruptcy estate and be controlled and managed by the Official Assignee (“OA“). The OA’s role is three-fold:
to oversee the following:
Alternatives to Bankruptcy
Bankruptcy is a drastic option to take. Exploring all your options before going to the last resort of bankruptcy is the prudent course of action. In fact, as bankruptcy is not an instant remedy for the recovery of debts, it is recommended that creditors should not rush to commence bankruptcy proceedings. Therefore, what are some alternatives to Bankruptcy?
Creditor’s Bankruptcy Application in Singapore
Your debtor is not paying you. You’ve sent many letters of demand but there has been no reply. He or she is not picking up your calls. What can you do? The last weapon that a creditor can use is a creditor’s bankruptcy application.
Taking Legal Action? Who Has To Pay And How Much?
Generally, when a party wins a civil suit, the other party may be ordered to pay a sum to cover legal fees incurred by the successful party.
This is known as party-and-party costs. When the court makes an order for party-and-party costs, one party is required to pay a certain amount to the other party.
However, although the winning party is able to get party-and-party costs, this amount usually does not cover the full legal costs the successful party has to incur.