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My hubby and I have signed an LOI for a property but have pushed out the TA sign date as he's still awaiting his EP from his new employer. We pushed it to the 30th June but it looks like we wont get an answer until the 4th July. The LL is getting nervous, even though we have a few weeks yet and could get it before the 30th June. He's taken 1 month deposit and we've just heard that he's talking to another agent and doing viewings of the property with an LOI in place. We really don't want to lose the house and have ONLY just got a draft TA, which we've asked for a few things to be altered. We've even offered another months deposit to give us a little more time for the IPA to come through. He's not budging. Is he allowed to still show the property with an LOI in place? We get that we may lose the deposit...which sucks...unless we can't agree on the TA, which I think changes things. Anyway, any insight would be helpful.
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2 Answers

Geryl Lim
Replied
Have you spoken to the new employer to sponsor the initial phase of the lease agreement and then have your husband take over the lease agreement once the employment pass is approved?

I had this experience where the EP took more than 3 months to approved for 1 of my tenant, and the employer stepped forward to sign on behalf of the lease agreement. Read More
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  • SA
    Replied
    Hi Geryl, Oh I didn't even know they could do that. Will Landlords accept that? Obviously they do I guess. Thank you! Do you know what's entailed in lease sponsorship for an employer? Hopefully they will know what we mean when we ask. Thank you so much, this is very helpful,
    Cheers
    Shells
Able S.K Toh
Replied
DEPENDS ON. YR LOI TO SEE IF THERE IS A CLAUSE FOR RETURNING THE 1 MONTH DEPOSIT ,...
Here's some information to clarify the situation:

LOI and Viewings: There's no legal obligation for the landlord to stop viewings while an LOI is in place. An LOI typically expresses your intent to rent, but the TA is the binding contract.>> WHAT THE LANDLORD IS DOING IS GETTING SOME BACKUPS TAKE OVER TENANT AS LANDLORD MIGHT HAVE SOME HOLDBACK REGARDING THE " EP ",..
Deposit and Negotiations: Losing the deposit is a possibility if you can't reach an agreement on the TA terms.
Offering More Deposit: While commendable, offering another month's deposit might not guarantee the landlord holds the property for you.
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