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Old 02-20-2019, 05:27 AM   #1
Calenar
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Default Property agency's questions beyond stated minimum requirements

My business partner and I are planning to set up a business and we are looking for a shop outlet to lease. We had a discussion with the property agency company to discuss on various things after we mention our intention to lease the outlet. Unfortunately, the next day, the General Manager (on behalf of the property's owner) asked these following questions:
(1) What are our experiences in managing the business we are about to set up?
(2) Do we have other sources of income besides the incomes we will receive from the business to pay the monthly rent?

My question is: Do they have the rights to ask these questions? Since they are questioning our business acumen and financial capability before we can proceed with the signing of the tenancy agreement and they are now asking for info beyond the stated and advertised minimum requirements which were the '2+1' (monthly rental + refundable deposit)--which we can meet.
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Old 02-20-2019, 08:17 AM   #2
AFFA
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Default Re: Property agency's questions beyond stated minimum requirements

I wish to inform you that you may refuse to provide information which is not related to lease of property. In this regard landlord and tenant are free to enter into agreement but after your agreement has been reached then if landlord intends to break the agreement then he may be liable for breach of agreement.

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Old 02-20-2019, 11:54 AM   #3
adjusterjack
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Default Re: Property agency's questions beyond stated minimum requirements

Quote:
Originally Posted by Calenar View Post

My question is: Do they have the rights to ask these questions?

Yes, they absolutely do. They want to make sure you are capable of staying in business and paying your rent.

Quote:
Originally Posted by Calenar View Post

Since they are questioning our business acumen and financial capability before we can proceed with the signing of the tenancy agreement and they are now asking for info beyond the stated and advertised minimum requirements which were the '2+1' (monthly rental + refundable deposit)--which we can meet.
The "stated and advertised minimum requirement" was only an opportunity for you to apply for the lease. Also note the word "minimum" in there.

Any landlord would be wise to verify you ability to fulfill the terms of the lease. If it was me, I'd want your bank statements and tax returns.

Count on having your credit reports run and each of you giving personal guarantees when you sign the lease.
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