The Rental Deposit Agreement is a crucial document in Singapore's property rental ecosystem, designed to protect both landlords' and tenants' interests regarding security deposits. This agreement is commonly used when establishing new tenancies or formalizing existing deposit arrangements. It outlines specific terms for deposit handling, including amount (typically one month's rent for one-year leases), permissible deductions, return conditions, and dispute resolution mechanisms. The document ensures compliance with Singapore's property laws while providing clear guidelines for deposit management throughout the tenancy period.
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1. Parties: Identification and details of landlord and tenant
2. Background: Context of the deposit arrangement and related tenancy
3. Definitions: Key terms used in the agreement including 'Deposit', 'Property', 'Tenancy Agreement'
4. Deposit Amount: Specification of deposit amount and payment terms
5. Purpose of Deposit: Permitted uses and restrictions on deposit usage
6. Return of Deposit: Conditions and timeline for deposit return
7. Deductions: Permissible deductions and calculation method
1. Interest: Terms regarding interest on deposit if parties agree to interest-bearing deposit
2. Bank Account Details: Specific account for deposit holding when deposit is to be held in separate account
3. Additional Security: Terms for additional security measures for high-value properties or commercial rentals
1. Schedule 1: Property Details: Details of the rental property including address and property type
2. Schedule 2: Deposit Calculation: Breakdown of deposit amount and calculation method
3. Appendix A: Condition Report: Property condition report at start of tenancy
4. Appendix B: Deduction Guidelines: Standard deduction amounts for common issues and damages
Relevant legal definitions
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