AskGuru Q&A Community

Question

Inheritance and Legacy Planning

Asked by Irene Wong 10 Jan 2011

I have a commercial property with tenancy expiring end March. According to Agreement 2 months' notice is required if extension is keen. I have collected 2 months deposit for under this Agreement.

If I want to increase the rental :
(1) Do I use the 2 months deposit to offset for Feb and Mar rental?
(2) If yes, am I right to say, the tenant has to pay me 2 months deposit based on new rental?
(3) Must the tenant let me know in writing of his interest to extend?
(4) Where can I go to get the Agreement duly stamped?

1392 views

Upvote Upvoted

2 Answers

Previously Asked Questions

Jenna Tong · Answer 1 · 2011-01-10T17:17:41+08:00

Jenna Tong

Replied 10 Jan 2011

Hi Irene,

It will depends on the Terms and Conditions preset in your current Tenancy Agreement. Most agreement will provide a clause stating that the current deposit is NOT to be used to offset any rental. You might be at a risk should your current tenant decide not to extend their lease and leave u with an office with defects. The deposit is meant to provide a security blanket should there be any damages to your unit.

You can still keep the deposit and get the tenant to top up the deposit based on the new rental agreed by both parties upon signing of the new Tenancy Agreement.

The tenant should inform u should he have an interest to extend based on the terms and conditions preset in your current agreement.

Do contact me at jenna.tong@yahoo.com.sg or 8298 3379 if u have more queries.

Jenna Tong
ERA Realty Network Pte Ltd
www.jennatong.com Read More