Juliet Risdon
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 the first 5.
20. Why do I have to pay 4 months money in advance?
In most cases, tenants are asked to pay up to 4 months rental money in advance. This consists of;
2 months Security Deposit (See next question)
1 Month advanced rent
1 Month agency fee
When you find a property that you like, you will usually be asked to put down a deposit equivalent to 1 month’s rent to hold the property. This will then be used as the first months rent once you have moved in.
The 2 months security deposit is usually paid upon signing the rental agreement, and is explained in the next question.
The 1 month agency fee is usually invoiced prior to moving in, and becomes payable after the move in date.
19: What Is The Security Deposit For?
The security deposit is held by the property management company or the landlord as a sum to compensate any damages to the property by a tenant.
Contrary to popular belief, the deposit may not be used in lieu of rent, unless otherwise agreed by tenant and landlord, and is held separately from the rent.
When you leave an apartment, it is normal for the property management company or landlord to conduct an inspection with you, and to reach an agreement on pricing for any damages or loss caused during the period of tenancy. Then the outstanding utility bills are worked out, and the apartment must be thoroughly cleaned.
The agreed amounts are deducted from the deposit, and the deposit returned.
This process usually takes between 2 to 10 working days. If you want your landlord to return the security deposit on the day that you move out, it is likely that you will have to make special arrangements with the landlord so that they can pre-inspect the property, and you can arrange to pay cash for the utility bills and cleaning expenses.
18: Can The Owner Sell The Apartment Whilst I Have A Tenancy Contract?
Yes. The owner has the right to sell at any time he or she chooses.
17: If the owner sells the apartment, do we have to move out?
No.
Tenants are protected by the tenancy contract, and a new owner does not have the right to ignore a valid tenancy contract.
The contract and all of its terms must be adhered to by the new owner, who should be aware of the tenancy agreement and have a copy provided to them during the sales process.
16: Can the owner or their agent bring people into the apartment to look around?
Not without your permission.
When you have a valid tenancy agreement in place, you may decide who and who not to let into your home.
If an agent knocks on your door and requests to see the property, you are perfectly within your rights to say “No”, then call the owner to complain.
(A version of this article was published in January 2012)
Juliet Risdon is a Director of JML Property and a property investor.
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.
www.JMLProperty.com
info@JMLProperty.com
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