What is the difference between a security deposit and a Sing-Security Deposit (SSD) ?
When a Tenant pays a security deposit directly to the Landlord, he locks his money for the lease duration and doesn't have any way to protect this deposit. With our Sing-Security Deposit :
1/ The Tenant doesn't have to freeze his/her cash because Sing-Guarantee is giving the money directly to the Landlord on their behalf.
2/ The Tenant benefits from our professional move-in and move-out inspection, inventory, unit condition checks and even a virtual 360 degree video that protects him/her from unfair claims at the end of the lease.
3/ The Tenant will have to pay a fee to Sing-Guarantee for these services.
Does the Sing-Security Deposit (SSD) provide the Landlord with the same security as a traditional security deposit?
Yes, exactly the same value.
The Landlord keeps the same rights to use the SSD for any breach from the Tenant side. If there is any unpaid rent or damage caused by the Tenant, the Landlord has the right to deduct the mutually agreed amount from the SSD and Sing-Guarantee will claim the amount back from the Tenant.
The only difference is that at the end of the lease, the full or remaining amount of SSD is returned back to Sing-Guarantee.
What is a Professional Inspection by Sing-Guarantee ?
Every Sing-Security Deposit (SSD) comes with the benefit of a Professional Inspection to prevent disputes. It includes:
- Complete move-in and move-out inspection
- Comprehensive unit condition report
- Detailed inventory list
- V360° Video
In our many years of dealing with Landlord and Tenant disputes, we have discovered that weakly performed, outdated and inefficient property checks are responsible for more than 80% of litigation between Landlord and Tenant.
On the contrary, the Sing-Guarantee Professional Inspection helps both Tenant and Landlord to reduce the risks of dispute.
The Professional Inspection is already included in the yearly fee the Tenant is paying.
What does the yearly service fee include ?
With Sing-Guarantee there is no hidden cost. Your yearly fee includes :
- Issuance of the SSD to the benefit of your Landlord
- The Professional Inspection Package when you move-in and move-out
- Access to our preferred contractors at discounted rates to help you take care of the property
We charge a yearly fee. For example, if your lease is a two-years lease, you will have to pay the annual fee twice.
What documents do you need to issue a Sing-Security Deposit (SSD) ?
To issue a SSD, we will require the following documents :
A/ For foreigner
- Work Visa or In-principal Approval Letter
- Letter of Employment
- Last 3 months payslip (if any)
B/ For Singapore Citizen or PR
- NRIC front and back
- 15 months CPF contribution history
- last 3 months payslip (if employed)
- last 2 years NOA (if self-employed)
All documents can be submitted digitally though our website or via email
Will the Landlord or Real Estate Agent reject me from using a Sing-Security Deposit ?
No.... Because our Sing-Security Deposit which is paid to the Landlord in cash is almost identical to the traditional security deposit paid by the Tenant. Because Landlords are getting the same security based on the terms in their own tenancy agreement with additional free benefits like our professional move-in report, they have no reason to reject.
Sing-Guarantee currently works with some of the most reputable real estate Agencies throughout Singapore and most of them have already shown great support for our product.
If your Real Estate Agents or Landlord doesn't know about Sing-Guarantee, we are always happy to help you explain to them. Just let us know.
What happens at the end of the lease ?
At the end of the lease, Sing-Guarantee will firstly provide the move-out Professional Inspection and generate the move-out report.
The Landlord then has to inform Sing-Guarantee of any claims after discussing with the Tenant.
If there is no claim from the Landlord and upon receipt of the full SSD refund amount by Sing-Guarantee, the SSD transaction is consider closed.
If there is any claim from the Landlord and there is a deduction from the SSD, the Tenant will have to reimburse Sing-Guarantee for the same amount deducted.
Is Sing-Security Deposit (SSD) an insurance product ?
SSD is a service that helps Tenants and Landlords to have a better rental experience by providing innovative solutions to reduce disputes. However SSD is not an insurance product.
The Tenant is still liable for any claims by the Landlord on the SSD.
If money is deducted from the SSD by the Landlord, the Tenant has to reimburse Sing-Guarantee. We always encourage Tenants to pay to Landlord directly for any damages caused.
Is the maximum amount of the Sing-Security Deposit limited ?
No. We deliver security deposits for all amounts with no restriction.
The Sing-Security Deposit will match what is required by the Landlord in your lease agreement.
What if I don't agree with my Landlord's claim ?
As a third party, Sing-Guarantee cannot be involved in any dispute between the Tenant and Landlord. If there is any litigation, Tenant and Landlord will have to resolve it between themselves.
The service that Sing-Guarantee provides is to help Tenants reduce the initial cost of renting a property in Singapore. However, Sing-Guarantee is not an insurance and the Tenant still remains liable for any claims by the Landlord.
If any money is deducted from the SSD, Sing-Guarantee will ultimately still claim the money back from the Tenant. If the Tenant doesn't agree with the Landlord's claim, we encourage the Tenant to seek the Landlord for an amicable solution with the reference of our Professional Inspection Report provided.
That is exactly why our Professional Inspection Report is so important in your rental process, because it reduces litigation risks between both parties and serves as an important reference point for dispute resolution.
I am already a tenant and I currently have two months' of security deposit frozen. Can I get it replaced with a Sing-Security Deposit?
All you need to do is make an application for a Sing-Security Deposit. Once approved, we will request that your Landlord confirms he has no defects claims for the previous period before the start of the Sing-Security Deposit.
If all claims are settled, we can replace your deposit with our Sing-Security Deposit by transferring money to your Landlord who will then refund your deposit.
Can I terminate my Sing-Security Deposit ?
The Sing-Security Deposit can be terminated at any time.
All you need to do is ask your landlord or real estate agent to give us a written notice and return us the funds we have transferred to him. There is no cancellation fees.
How do i proceed as a Tenant?
What does your 'Complimentary Home Accidental Damage Protection' insurance cover?