Juliet Risdon is a Director of JML Property and a property investor.
Juliet Risdon
Having established the company in 1994, JML Property offers Investment Property & Homes. It specializes in managing properties for owners and investors, and providing attractive and comfortable homes for tenants.
With sales prices at a record high, most people arriving in Macau for the first time are looking to rent a property rather than make purchase.
Here are the top 20 questions we are asked by tenants; this week numbers 15 to 11
15. How much can be charged for a security deposit?
Ultimately, the security deposit can be agreed between the tenant and the owner.
In general Macau owners require an amount equivalent to 2 months rent as a security deposit.
Occasionally, and landlord may agree to 1 months deposit, but this is under special circumstances such as the tenant paying for the whole term of the agreement in advance, or the property being completely unfurnished.
14. Am I dealing with an experienced Landlord?
This is a very popular question when tenants move into a new property.
As a tenant, you are in a better position when dealing with an experienced landlord or a property management company.
First time owners or owners who are renting a family property tend not to have rental systems in place to collect rents, make repairs and handle emergency issues.
13. Does a landlord have to pay interest on a security deposit?
In some countries, owners or their representatives are duty bound to place the security deposit in a bank account, and pay the accrued interest to the tenant.
However, no such requirement exists in Macau.
With interest rates at an all time low, the most important factor when it comes to the security deposit is the safekeeping of the deposit.
12. Is the Landlord willing to be flexible with lease terms?
The lease terms can be agreed between the landlord and the tenant through the property agency.
Contrary to popular belief, there is no minimum rental term in Macau, so its possible to negotiate almost any term up to a maximum of 30 years.
A landlord’s flexibility will depend on their personal circumstances and the property in question.
The most popular agreements are 1 and 2 year agreements.
11. Is a tenant responsible for damages to the residential premises?
Yes.
Under Macau law, any items damaged by a tenant must be returned to their original condition or replaced prior to leaving the property and receiving back the security deposit.
For example, should a tenant decide to hang pictures on a wall, he or she is duty bound to return the wall to its original condition before the security deposit is released.
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“Contrary to popular belief, there is no minimum rental term in Macau, so its possible to negotiate almost any term up to a maximum of 30 years.”
Independently from what is stated on the rental agreement the minimum validity of the rental is up to two years with the originally agreed conditions. Stop spreading misinformation and go learn Macau law.