The Greeff guide to lease agreements
Category Home tips
Signing a lease agreement is a huge responsibility and could be one of the biggest commitments that you make regarding housing. Here are some pointers regarding lease agreements courtesy of Greeff Christie’s International Real Estate.
A lease agreement, once signed, is a legal binding agreement between a landlord and a tenant. In return for the use and enjoyment of the landlord’s property for a specific time period, the tenant agrees to pay an agreed amount by a specified date.
The lease agreement should include:
• the names and addresses of both landlord and tenant
• the description and full address of the property
• the rental amount and reasonable escalation clause
• the deposit amount and that it is held in an interest bearing account, interest to accrue to the tenant
• the frequency of rental payments
• the lease period
• the landlord’s obligations;
• the tenant’s obligations;
• any additional costs payable by the tenant
• a list of defects on the property
• house rules; if part of a sectional title
• If furnished, a detailed inventory is to be provided by the landlord and noted as an annexure to the lease.
• Marriage status of both parties – in community or out of community of property
• Whether a fixed term lease, and if so is the landlord and/or tenant a natural or juristic person in terms of the Consumer Protection Act.
It is advisable for lease agreements to be in writing. While verbal agreements are technically legal, they can be very difficult to prove should a dispute arise and certainly not advisable. It is also important to remember that no modifications or additions to the lease are allowed outside of the original lease agreement unless mutually agreed to by both parties and included as an addendum to the original lease.
Greeff Rentals Principal Glenda Taylor says “securing the best possible home to meet your needs does not have to be a tricky situation. With the assistance of a professional and qualified rental agent, this process will become much easier. At Greeff Rentals we are fortunate to manage the most amazing rental properties in the Cape and employ some of the country’s finest, professional rental agents.”
A good stable tenant who cares for their rental properties and who pay on time are regularly not being given the consideration they deserve. Most landlords understand that it is not always only about the money, however both parties should feel the benefit – this then bodes well for a long good working relationship.
If there is no damage to the property once the tenant has vacated the property and provided an outgoing inspection was done together with the tenant, the deposit plus interest should be refunded within seven days of the tenant vacating the property.
For all your rental needs, please contact Greeff Rentals who work in the entire South Peninsula. Call 021 794 1295 or email rentals@greeff.co.za
Author: Greeff
