What is the Letter of Intent (LOI)?
An LOI is submitted to the Landlord by the Tenant to express intention in renting this property. This letter would have important details such as both parties’ particulars, lease term, start and end date, any special requests by Tenant, etc. Please note that this is not the Tenancy Agreement yet. This LOI must be submitted to the Landlord together with a goodfaith deposit (something like a booking deposit), which forms half of the total security deposit eventually once the Tenancy Agreement is signed. The amount for the good faith deposit in Singapore is typically equivalent to a month’s rent for a one-year lease or two months’ rent for a two-year lease.