The Rent Increase Agreement is essential when landlords in Singapore wish to modify existing lease terms specifically regarding rental amounts. This document ensures compliance with local regulations while protecting both parties' interests. It typically includes the new rental amount, effective date, payment terms, and any adjustments to the security deposit. The agreement must adhere to Singapore's property laws, including notice periods and increase limitations. It's particularly important for both residential properties (including HDB) and commercial properties, where regular rent reviews and increases are common practice.
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Key Requirements PROMPT example:
Rent Increase Agreement
"Need a Rent Increase Agreement for my commercial property in Singapore CBD, increasing monthly rent from $5,000 to $5,800 effective March 1, 2025, with existing tenant ABC Trading Pte Ltd maintaining all other lease terms."
1. Parties: Identification of landlord and tenant with full legal names and addresses
2. Background: Reference to original lease agreement and context for rent increase
3. Definitions: Key terms used in the agreement
4. Rent Increase Details: Specific amount of increase, new total rent, and effective date
5. Confirmation of Other Terms: Statement that all other lease terms remain unchanged
6. Execution: Signing provisions and date
1. Security Deposit Adjustment: Include when security deposit needs to be adjusted proportionally with rent increase
2. Payment Terms: Include if payment schedule or method changes with rent increase
3. Utilities and Services: Include if utility payment responsibilities change with the rent increase
1. Schedule 1 - Rent Calculation: Detailed breakdown of new rent calculation
2. Schedule 2 - Payment Schedule: Updated payment dates and amounts
3. Appendix A - Original Lease: Copy of original lease agreement referenced
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