- Letter Of Intent (LOI)
The Letter of Intent from tenant to express the interest to lease the office from Landlord. The LOI need to in writing together with tenant company business ACRA. Normally the LOI indicate the condition / requirement from tenant to lease the office such as Offer Price, Rent Free Period, Commencement Date and etc. Subsequent counter offer will through the negotiation. This LOI is always ‘Subject to Contract’ and thus non-binding until the landlord issues a formal offer for acceptance.
- Letter Of Offer (LOO)
The Letter Of Offer will be issued once once all the principle terms are agree by both parties. Before issue the original LOO, we will request a TA specimen from landlord for tenant’s legal consultant to go through. Most of the major landlords in Singapore have their standard lease documentation which the major changes are unlikely. Therefore we always recommend all the tenants to use the local lawyer who familiar with landlord and tenant legislation in Singapore. Some other cases tenant will be given 1 month to finalize the drafting of the TA.
- Security Deposit, Advance Rent, Legal Fees and Stamp Duty
All these are by tenant and need to prepare when return the LOO after sign with company stamp mark on the document. This is consider legal biding. So it is important for the tenant agree with all the principle term stated in TA or at least satisfied there are no major obstacles in the lease before signing the Letter of Offer. Normally actual TA will be sign after 1 month or before the possession date.
- Possession / Handover
We will advise tenant’s interior design / contractor submit the necessary document for approval to do the renovation. This is to ensure The renovation can be completed on time within the rent free period. We also highly recommend that the tenant’s interior designer/contractor be present at the time of handing over to take an accurate record of the condition of the premise at that time and to highlight repairs that the landlord should be responsible for.