Reducing Rental Risks since 2008
The importance of reading the small print;
Although the Consumer Protection Act does state that lease agreements or legally binding contracts must be in plain English, most financially binding contracts are written by lawyers, with a legal understanding of the law, and the manipulation of wording to make the signatory unaware of dire consequences of a breach of contract.
Using legalese English is a sure fire way to intimidate non legal people into ignoring the more legally technical aspects of the agreement.
Both the landlord and tenant need to be aware of all the possible pitfalls of not abiding by the lease agreement or legally binding clauses therein.
The most important aspects/clauses of a legally binding agreement are;
The full addresses of both parties involved, confirmed by proof of residence. Proof of residence can be obtained through a municipal account, stamped bank account confirmation or an affidavit.
The full names and I.D. numbers of both parties, as well as current contact numbers, some may go as far as registration numbers of vehicle registration documents.
The terms of the agreement with regards to the duration of the contract and the amounts payable. Dates and amounts to be paid by whom and by when.
The general responsibilities of both parties in servicing the agreement. The landlord is responsible for the maintenance of the structure and services, the tenant is responsible for the upkeep of the building and paying the rental by due date.
Other clauses will reasonably deal with municipal by laws and complex/security estate or the home owners association.
The clauses that need the most attention, and usually hidden towards the end of the contract, are the breach clauses. This is where you as the signatory need to focus your attention.
The breach clauses are legally binding and once you have signed the lease and initialed all pages are final and binding.
If you are unsure please contact a property professional.
Nic Campher Founding partner rentalragerelief@gmail.com 084 744 0144
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