After you have seen the premises, you are down to negotiating and getting the paper works done.
1. Letter of Offer
Most landlords prefer the use of letter of offer. After agreeing on the terms and conditions, the landlord will issue a Letter Of Offer which contains the agreed terms with a copy of a draft tenancy agreement. The tenants will be given 1 week to 10 days to accept the letter of offer(LOO) and to return the LOO together with an initial deposit as stated inside the LOO.
2. Documentation / Security Deposit
The initial deposit depends on different landlord, it ranges from one month to several months. It is usually tied to the tenant's trade and paid up capital. The tenant must agree with the draft lease and the LOO before signing the Letter Of Offer and pays the deposit. Normally, the deposit is non refundable.
Whilst the terms and conditions of the lease are not finalized at this stage, the tenant must agree with the main points and figures in the draft lease before signing the Letter of Offer.
Drafting of the lease will usually take one month to complete. Most landlords have their own lease which they will not want to change too much. Major changes in the lease are unlikely and tenant have the option to use a lawyers familiar with landlord and tenant legislation in Singapore.
3. Taking Possession
All monetary amount stated in the lease have to be paid before taking possession of the premises. The landlord will go through with the tenant on the actual premises and ensure that the premises are handed over in a tenantable conditions.