What To Look Out For In Your Storage Space Lease Agreement
Issue: May 2018
As a space seeker, it’s important to go through a storage space lease agreement carefully as this stipulates the terms and conditions to be signed by both you and the space owner. A storage space lease agreement is an obligatory contract to lease a storage unit, which is mostly prepared by the space owner or his or her agent.
Before you are allowed to lease any storage unit, you must first provide the space owner with a copy of your identity card, passport or employment pass to ensure you’re entitled to stay in Singapore. Otherwise, it’s against the law for space owners to rent out property to illegal immigrants.
Below are some important areas to be keen on when reading a storage space lease agreement:
Term of Tenancy
The term of the tenancy starts on the stipulated date upon which you and the space owner both signed on the agreement. The term becomes effective from that date, though may be terminated on a month-to-month basis after serving a required notice period. The minimum rental term for most storage facilities is usually one month but at StorHub Self Storage it is only 14 days.
The means of payment provided should be clear and from valid financial institutions that the Singapore government deems competent and free of any scam. The specific dates upon which these rental payments are to be made should also be crystal clear.
The amount to be paid as a security deposit for every lease term should be clear on paper. And upon termination of the lease, the agreement should address how the space owner wishes to return the security deposit.
Use of Storage Space
The means and how you intend to use your storage space should also be clear so as not to bring any conflict between you and the space owner. Skim through the agreement carefully to ensure you understood the terms and conditions listed in the storage agreement. Many times, space owners don’t usually bother about what occupants want to store in the storage space unless they fear there might be some illegal activity taking place. Or the materials being stored might bring harm to members of the public or damage other storers’ property.
Make sure to also read the specific items the space owner doesn’t want to be stored in his or her storage facility to prevent loss of such materials. Choosing to store unsolicited or restricted materials in any storage unit can lead to a significant loss. No court can compensate you for the loss of such items since it’s contrary to what the storage agreement states.
Before you start seeking any storage space for rent, be sure to read through the above clauses in your storage agreement carefully. Particularly if you’re hunting for a storage space in Singapore, it’s important that you fully understand everything that’s discussed within to avoid any discrepancies between you and the space owner in the future. As long as all parties stick to what the agreement stipulates and once you have the above clauses at your fingertips, you’ll find leasing a storage space in the country less daunting and a pleasant experience for you.