As a tenant, one of the costs you may encounter when renting a property in Singapore is the tenancy agreement stamping fee. This fee is a legal requirement and is charged by the Inland Revenue Authority of Singapore (IRAS) as proof that the tenancy agreement has been legally stamped.

Here are some important things to know about tenancy agreement stamping fees:

1. The tenancy agreement stamping fee is a one-time fee that is payable by the tenant. The exact amount depends on the length of the tenancy and the rental amount.

2. The fee is calculated based on the total rent payable for the entire period of the tenancy. The current stamp duty rate is $1.50 for every $1,000 of the total rent payable, with a minimum fee of $2.

3. In most cases, the landlord will prepare the tenancy agreement and bear the cost of the stamp duty. However, it`s important to clarify who is responsible for the cost before signing the agreement.

4. The stamping fee must be paid within 14 days of the agreement being signed. Failure to pay the fee within the time frame may result in a penalty.

5. If the tenancy agreement is renewed or extended, a new stamping fee will be required.

6. The stamped tenancy agreement serves as proof that the agreement has been executed and is legally binding. Without the stamp, the agreement may not be admissible in court.

7. If you`re a foreigner renting a property in Singapore, you`ll need to present your passport and proof of employment or study when applying for the stamping of the tenancy agreement.

8. The stamping process can be done online through the IRAS website or in person at their office. You`ll need to provide a copy of the tenancy agreement, proof of payment of the stamp duty fee, and any other required documents.

9. It`s important to keep a copy of the stamped tenancy agreement for your records as proof of payment.

10. If there are any changes to the tenancy agreement after it has been stamped, such as a change in rental amount or lease term, the agreement will need to be restamped.

In conclusion, the tenancy agreement stamping fee is a necessary cost when renting a property in Singapore. It serves as proof that the agreement is legally binding and helps to avoid disputes between landlords and tenants. Make sure to clarify who is responsible for the cost of the stamp duty before signing the agreement and keep a copy of the stamped agreement for your records.