Booking Fee Terms & Condition

The terms and conditions of this Booking Fee Agreement govern your use of the services provided by Speedrent Technology Sdn. Bhd. (Company No: 1176587-M). a Malaysian entity, either itself or through its subsidiaries or licensees, via various electronic platforms such as the SPEEDHOME mobile application or any other platforms designated by Us (“Application”).

By using the Application, you are indicating that you have read and understood the terms and conditions herein. If you do not agree with the terms, please do not use this Application. For the avoidance of doubt, this Agreement applies to all users of the Application listing a property or finding a property inclusive of homeowners, landlords, property agents and/or tenants.

What Is The Function of The Booking Fee?

Booking Fee (or known as Earnest Deposit) is a form of upfront payment to secure your tenancy request for the dedicated property posted on the SPEEDHOME platform. Upon payment of the booking fee made and the tenant has passed checking, the landlord shall agree to reserve the property for 7 days and not to rent the property to other tenants.

Under What Situation Will The Booking Fee Be Refunded?

The Booking fee shall only be refunded in any of the following conditions:

  1. The payer/tenant who did not pass the SPEEDHOME’s Zero Deposit eligibility check;
  2. When the Landlord cancels the deal or rented out the unit to other tenants;
  3. Landlord increased the mutually agreed rental rate or false advertisement after the payment of booking fee; or
  4. Landlords and tenants cancel the booking or deal within 24 hours after the booking fee payment is made.

Tenant shall agree that the refund of the booking fee shall take up to 3-business days upon refund request emailed to [email protected] with your details such as bank name, bank account holder name, bank account number, email address, mobile number and refund amount.

How Does SPEEDHOME Use The Booking Fee

Upon signing of the digital tenancy agreement, the booking fee shall be utilised towards the full payment of the rental invoice which is the first month rental and subscription of tenancy contracting service – SPEEDMANAGE.

How Can The Booking Fee Be For Forfeited

The Booking fee shall be forfeited in any of the following situations occur:

  1. Upon signing of the digital tenancy agreement, the tenant postponed the tenancy commencement date to a later date without mutual consent by the landlord;
  2. Tenant did not sign the digital tenancy agreement on or before the mutually agreed tenancy commencement date; 
  3. Tenant did not pay the full payment required for vacant possession within the 7-days of the mutually agreed tenancy commencement date; or
  4. The tenant cancelled the deal after 24 hours the booking was paid to SPEEDHOME.
  5. Tenants are required to sign the digital tenancy agreement within three (3) days once the Landlord has sent it to the tenant via Failure to do so will result in the forfeiture of the booking fee.
  6. Once both parties have paid the full amount with the agreement signed by both Landlord and Tenant with the LHDN stamping completed, in the event of a cancellation, we will deduct the stamping fee cost from the total refund amount.

The forfeited booking fee will be transferred in full to the landlord.

Note: SPEEDHOME can update these terms and conditions at any time without prior notice. This article will be modified to show the updated Terms & Conditions.

If you have any further questions, feel free to email us at [email protected] or call/WhatsApp us at +60 18 7777 650

Last updated: 24th July 2020

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