What you need to know about your lease agreement
At some time or other in our lives we're all likely to have one.
Whether as the owner of a property or as the tenant, a lease agreement regulates the terms and conditions between a lessee and lessor, for the lessee to rent a residential property.
Property lawyer Marlon Shevelew highlights the most important elements of a lease agreement that you need to know about before putting pen to paper.
In terms of South African law, a lease agreement doesn't even need to be in writing to be effective.Marlon Shevelew, Property attorney - Marlon Shevelew and Associates
So what about the length of the lease?
Does a longer lease confer more rights on the tenant?
When you look at residential, it's very rare for me to see a lease that is longer than 24 months.Marlon Shevelew, Property attorney - Marlon Shevelew and Associates
In terms of residential property law, if you have a lease that exceeds 24 months, then you're looking in the realms of the Consumer Protection Act, which says if your tenant is a natural person you need to be able to show a demonstrable financial benefit.Marlon Shevelew, Property attorney - Marlon Shevelew and Associates
Shevelew says it's important to realise that certain terms are deemed to be part of every lease, even in the case where the lease is not in writing.
As long as you've got the rental, the duration, the actual location where the property is situated, then you've got what we call the essentialia of the lease agreement.Marlon Shevelew, Property attorney - Marlon Shevelew and Associates
For more on your rights and responsibilities under a lease agreement, click below:
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