The terms and conditions of this Agreement govern your subscription of the On-Time Rental (“OTR”) and Overstay Cash Defender (“OCD”) services provided by Speedrent Technology Sdn. Bhd. (Company No: 201601005661) of A-G-23, Eve Suite, Jalan PJU 1A/41, Ara Damansara,,47301 Petaling Jaya, Selangor Darul Ehsan, Malaysia (“Speedrent”) or (“SPEEDHOME”), a Malaysian entity, either itself or through its subsidiaries or licensees, via various electronic platforms such as the Speedrent mobile application or any other platforms designated by SPEEDHOME.
1.1. OTR – the OTR service is an add-on service only for subscribers of the Extended+ insurance plan. The subscriber must sign or have signed the tenancy agreement via Speedsign. OTR prohibits tenancy agreements which have more than one rental value across the stipulated tenancy period.
1.2. OCD – the OCD service is a complimentary service provided by SPEEDHOME only for subscribers who have purchased Allianz Landlord insurance coverage through SPEEDHOME, subject to the terms of Paragraph 3.
2. SPEEDHOME’s Obligation – OTR
2.1. During the insurance policy’s insured period and on a monthly basis (excluding first month), SPEEDHOME will perform OTR transfer to the subscriber for a fixed sum of amount.
2.2. Each OTR transfer will be equivalent to one month’s rental and will be transferred no later than the monthly rental due date as per stated in the tenancy agreement and only if there is an unpaid rental invoice. OTR transfers will be made only up to the insurance coverage amount under the Allianz Landlord insurance purchased by the subscriber.
2.3. If the subscriber’s tenant pays SPEEDHOME after the due date, the funds will not be transferred to the subscriber as the subscriber has already received payment via OTR.
2.4. “Due date” is referring to the latest amended due date agreed upon by the subscriber and tenant if the due date was amended after the tenancy agreement was signed. Should a particular month’s due date falls on a non-banking day or non-business day, SPEEDHOME will perform the OTR transfer before the rental due date.
2.5. SPEEDHOME will not perform OTR transfer to the subscriber if the tenant has more than two overdue rental invoices.
2.6. SPEEDHOME will issue a rental invoice to the tenant on behalf of the subscriber 7 days before the rental due date.
2.7. In the event that SPEEDHOME fails to perform OTR transfer before the monthly rental due date, SPEEDHOME will refund the pro-rated OTR service fee to the subscriber. OTR will still be in effect until the end of the tenancy period. For the avoidance of doubt, Clause 4 still applies.
2.8. In the event that either tenant or landlord is served an early termination notice, the OTR service will be terminated immediately.
3. SPEEDHOME’s Obligation – OCD
3.1. The OCD service shall not be available to subscribers:
(a) whose tenant pay the monthly rental directly to the subscriber and not through SPEEDHOME;
(b) whose subscriber does not possess an active insurance policy purchased from SPEEDHOME to insure the said tenancy agreement for loss of rental coverage; or
(c) any other exclusionary criteria SPEEDHOME may institute. (“Exclusions”)
3.2. Throughout the term of the tenancy period, OCD ensures that subscribers will receive the monthly rental, which shall be transferred by SPEEDHOME as soon as practicable after the due date (defined in paragraph 2.2) (“OCD transfers”) if:
(a) the subscriber’s tenant fails to make payment of the monthly rental for 3 consecutive months; and
(b) if the subscriber’s tenant fails to vacate the property or remains in the property.
3.3. The OCD service shall no longer apply if the tenant vacates the property and returns all possession related to the tenancy. Claims for unpaid rental or any other claims by the subscriber to the subscriber’s tenant will then proceed in accordance with the tenancy agreement and applicable tenancy laws in Malaysia.
3.4. Under the OTR and OCD services collectively, the subscriber is entitled to receive the monthly rental from SPEEDHOME for a maximum of 11 months only, which shall consist of:
(a) the first 2 months’ rental paid through the OTR; and
3.5. In the event:
(a) the conditions in paragraph 3.2 persist for more than 11 months;
(b) upon the expiry of the tenancy period (whichever is earlier); or
(c) the government imposes an eviction moratorium or any forms of temporary halts in evictions of tenants,
SPEEDHOME shall no longer be obligated to make the OCD transfers to the subscriber.
(a) the tenancy agreement is terminated by SPEEDHOME;
(b) the subscriber has requested the subscriber’s tenant to make payment for the monthly rental directly to the subscriber, and not through SPEEDHOME; or
(c) SPEEDHOME deems that the conduct of the subscriber is detrimental to the business interest of SPEEDHOME, in SPEEDHOME’s sole discretion,
the OCD service shall be terminated by SPEEDHOME immediately.
3.7. If the subscriber’s tenant pays SPEEDHOME for the monthly rentals in arrears, the funds will not be transferred to the subscriber if the subscriber has already received payment via the OTR and/or OCD service.
3.8. The subscriber shall provide his or her full cooperation to SPEEDHOME, and duly authorize SPEEDHOME, to pursue the legal remedies available under the tenancy agreement and under law in respect of the unpaid monthly rental by the tenant and the failure of the tenant to vacate the property in a timely manner, including, but not limited to, strict adherence to SPEEDHOME’s instructions regarding:
(a) instructing the joint management body, management corporation, or the security providers of the property to deny the tenant entry into the property;
(b) instructing utilities providers to terminate utilities to the property;
(c) timely provision of documents and information to SPEEDHOME, solicitors, or other professional service providers; and
(d) all other reasonable instructions given by SPEEDHOME.
SPEEDHOME shall be entitled to terminate the OCD service to the subscriber in the event the subscriber fails to comply with this paragraph 3.8.
3.9. The subscriber authorizes SPEEDHOME:
(a) to recover from the tenant any unpaid rental and/or amount payable to the subscriber or SPEEDHOME by the Tenant;
(b) to retain or recover from the subscriber any insurance pay-outs received from Allianz for up to two months’ unpaid rental by the subscriber’s tenant (if any); and
(c) to retain any such monies recovered from the tenant up to the amount paid by SPEEDHOME under the OCD service to the subscriber. Any monies recovered that are in excess shall be returned to the subscriber.
3.10. The subscriber acknowledges that SPEEDHOME shall be entitled to recover from the subscriber the amounts paid under the OCD to the subscriber if the subscriber receives the monthly rental in arrear from the subscriber’s tenant.
4. Subscriber Obligation
4.1. In the event that the tenant transfers the rental to the subscriber after the OTR transfer or OCD transfer is performed according to the unpaid invoice, the subscriber must transfer the unsettled and overdue amount to SPEEDHOME within 3 working days.
4.2. The subscriber must inform SPEEDHOME within 3 business days if:
(a) The tenant has informed the subscriber that he/she wants to terminate the tenancy early;
(b) The tenant has run away;
(c) The tenant has informed the subscriber that he/she has moved out or the tenant has moved out without notice; or
(d) The tenant has passed away.
4.3. The subscription is subject to 6% Sales and Services Tax (SST) and is to be paid by the subscriber.
4.4. The subscriber must ensure the accuracy of the bank account details as submitted to SPEEDHOME for the purpose of OTR transfer or OCD transfer. Any requested change in bank account details will be in effect only after 5 business days upon written notice to SPEEDHOME.
5. Insurance Claims
5.1. If the tenant vacates the property with an overdue rental invoice, the subscriber must lodge a police report against the tenant and cooperate with SPEEDHOME in regard to the submission of documents for insurance claims.
5.2. In the event that the subscriber’s rental default claim proceeds is not approved or only approved partially to repay the unpaid rental amount by the tenant (but limited to the total of two months of rent), the subscriber must transfer the unsettled OTR amount (which offsets the claim proceeds after) back to SPEEDHOME. Please refer to Illustration 1 for further explanation.
Illustration 1 (Scenario: monthly rental as RM1,000 while the tenant has 2 unpaid and overdue rental invoices.
|Insurance Claims Approved Partially||Insurance Claims Not Approved|
|OTR amount (2 times OTR)||RM2,000||RM2,000|
|Rental Default Claim Proceeds||RM1,100||RM0|
|Subscriber Transfer Back to SPEEDHOME||RM900||RM2,000|
5.3. SPEEDHOME will offset the OTR amount which is limited to 2 months’ of rental against the rental default claim proceeds approved by the insurance company.
* Please note that On-Time Rental (OTR) and Overstay Cash Defender (OCD) are products of SPEEDHOME and NOT Allianz Insurance.
Last Updated: 15th September 2020