Have you ever wondered what happens to the items that people keep in storage space when they fail to pay the rent?
If you think the lessor will throw away the items in front of the tenant like how landlords in the movies do to families or individuals once the rent is past due, then you might be patronizing too much clich movies.
While that could be a possible scenario, that action is a no-no for a professional storage company. Usually, the actions that they will take are enumerated in the terms and conditions.
For considerate companies, a letter will be sent to the tenant to remind him or her of the overdue bill. Stated in that letter is the amount that the tenant needs to settle and when it is due. Even though the management will indicate that the bill is overdue, it will still give an allowance of 15 days or one month to settle their unpaid bills.
In the event that the tenant fails to settle the bill in the specified time period, the company will have no choice but to do the first step in foreclosure which is called "overlock.".
This involves placing one of the company's locks on the storage unit to prevent the lessee from accessing or removing his or her belongings in the unit. A notice will also be placed on the unit so that the tenant knows why the company needs to do this.
In the event that the tenant does not make any effort to communicate with the company, the lessees possessions will eventually end in auction.
Before taking the items in auction, the company will try to contact the tenant using the information that he or she provides to the company. In addition, the company will also place a small advertisement in the local newspapers. The ad contains information about the objects in a particular unit and when and where it will be auctioned. The storage company does this to show that the company does every possible way to inform the tenant about this issue.
Companies that provide storage in Singapore also have their policies for similar cases. And like any reliable Singapore storage provider, they provide flexible payment methods and rates as well as strategic storage methods to ensure that not only their self storage needs are taken cared of but also their finances.
If you think the lessor will throw away the items in front of the tenant like how landlords in the movies do to families or individuals once the rent is past due, then you might be patronizing too much clich movies.
While that could be a possible scenario, that action is a no-no for a professional storage company. Usually, the actions that they will take are enumerated in the terms and conditions.
For considerate companies, a letter will be sent to the tenant to remind him or her of the overdue bill. Stated in that letter is the amount that the tenant needs to settle and when it is due. Even though the management will indicate that the bill is overdue, it will still give an allowance of 15 days or one month to settle their unpaid bills.
In the event that the tenant fails to settle the bill in the specified time period, the company will have no choice but to do the first step in foreclosure which is called "overlock.".
This involves placing one of the company's locks on the storage unit to prevent the lessee from accessing or removing his or her belongings in the unit. A notice will also be placed on the unit so that the tenant knows why the company needs to do this.
In the event that the tenant does not make any effort to communicate with the company, the lessees possessions will eventually end in auction.
Before taking the items in auction, the company will try to contact the tenant using the information that he or she provides to the company. In addition, the company will also place a small advertisement in the local newspapers. The ad contains information about the objects in a particular unit and when and where it will be auctioned. The storage company does this to show that the company does every possible way to inform the tenant about this issue.
Companies that provide storage in Singapore also have their policies for similar cases. And like any reliable Singapore storage provider, they provide flexible payment methods and rates as well as strategic storage methods to ensure that not only their self storage needs are taken cared of but also their finances.
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