If you are a landlord or tenant in Singapore, you may require a renewal tenancy agreement. This document is needed to extend the tenancy period of a rental property, and it outlines the terms and conditions of the lease renewal. In this article, we will provide a sample renewal tenancy agreement in Singapore and explain the key points to include.
Firstly, the renewal tenancy agreement should contain the names and addresses of both the landlord and tenant. It should also specify the rental property’s address and the duration of the renewed lease. This information is essential for both parties to have a clear understanding of the agreement.
Next, the agreement should outline the rental amount and payment terms. This includes the due date for rent payment, the mode of payment, and the penalty for late or non-payment. It is also important to include the security deposit amount and the terms for the deduction and refund of the deposit.
The renewal tenancy agreement should also cover the maintenance responsibilities of both the landlord and tenant. This includes the upkeep of the rental property and any repairs or renovations needed during the tenancy period. It is essential to specify which party is responsible for what, to avoid any confusion.
Furthermore, the agreement should detail the restrictions on the use of the rental property. This includes outlining any prohibited activities, such as illegal activities and subletting. The agreement should also state who is responsible for the upkeeping of utilities, such as electricity, gas, and water bills.
Lastly, the renewal tenancy agreement should include the notice period required for both the landlord and tenant to terminate the lease. This allows both parties to plan and prepare for the end of the tenancy period.
Overall, the renewal tenancy agreement is a crucial document for rental property owners and tenants in Singapore. It ensures clarity and protects both parties’ interests during the tenancy period. By including the above key points, you can ensure that your renewal tenancy agreement is comprehensive and effective.