There has been a misconception that stamp fee are required to be paid only when buying of properties. There are many people oblivion of the fact that there is actually duty stamp fee in real estate or property leasing.
What is Stamp Duty?
Stamp Duty is actually the fee payable by the tenant to the landlord. In Singapore, only when the tenancy agreement or the rental contract is Stamped by the Inland Revenue Authority of Singapore or in short IRAS, it wibe considered as a valid contract or a legally binded document.
How much does Stamp Duty cost?
Many people do not know how to calculate stamp fee and would only rely on agent to quote the amount payable by the tenant. Agent would usually ask for a higher amount, this would one of the opportunity to make more money from the tenant. I would not call this cheating as it is a price quoted by the agent and the tenant being oblivion agrees to pay that amount.
Formula for calculation of Stamp Duty fee -
For one year tenancy agreement:
(Agreed monthly rental amount multiply by 12) divide by 250 (rounded up to the nearest dollar)
For two years tenancy agreement
>> Read on for Full Article
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How To Buy Private Properties In Singapore?
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What is Stamp Duty?
Stamp Duty is actually the fee payable by the tenant to the landlord. In Singapore, only when the tenancy agreement or the rental contract is Stamped by the Inland Revenue Authority of Singapore or in short IRAS, it wibe considered as a valid contract or a legally binded document.
How much does Stamp Duty cost?
Many people do not know how to calculate stamp fee and would only rely on agent to quote the amount payable by the tenant. Agent would usually ask for a higher amount, this would one of the opportunity to make more money from the tenant. I would not call this cheating as it is a price quoted by the agent and the tenant being oblivion agrees to pay that amount.
Formula for calculation of Stamp Duty fee -
For one year tenancy agreement:
(Agreed monthly rental amount multiply by 12) divide by 250 (rounded up to the nearest dollar)
For two years tenancy agreement
>> Read on for Full Article
Articles that you may be interested in -
How To Buy Private Properties In Singapore?
How to Rent a Unit Without a Property Agent?