The deadline to stamp your tenancy agreement is a critical aspect of renting a property. As a tenant, you need to be aware of the deadline to ensure that your agreement is valid and enforceable by law.
What is stamp duty?
Stamp duty is a tax imposed by the government on legal documents, including tenancy agreements. The amount of stamp duty payable depends on the rental rate, the duration of the tenancy, and the type of property.
Why do you need to stamp your tenancy agreement?
Stamping your tenancy agreement is a legal requirement in Singapore. If your tenancy agreement is not stamped, it is not considered a valid legal document. This means that you may not be able to enforce the terms of your agreement, especially in the event of a dispute.
What is the deadline to stamp your tenancy agreement?
The deadline to stamp your tenancy agreement is 14 days from the date of signing the agreement.
What happens if you miss the deadline?
If you miss the deadline, you may be liable to pay a penalty fee for the late stamping of your tenancy agreement. The penalty fee is calculated based on the rental rate and the duration of the tenancy. The longer you delay stamping your agreement, the higher the penalty fee.
How to stamp your tenancy agreement?
To stamp your tenancy agreement, you need to submit it to the Inland Revenue Authority of Singapore (IRAS) for stamping. You can do this online through the IRAS website or in person at one of their service centers.
Before submitting your tenancy agreement, you should ensure that it adheres to the guidelines set out by IRAS. Any errors or discrepancies in your agreement may result in its rejection, which means you will have to re-submit it for stamping.
In conclusion, stamping your tenancy agreement is a crucial step in renting a property in Singapore. As a tenant, you need to be aware of the deadline to ensure that your agreement is valid and enforceable. If you need assistance with stamping your tenancy agreement, you can consult a reputable property agent or legal expert.