As clearly stated in your lease agreement, your full monthly rent, as well as any utility and/or other charges in terms of your lease agreement, need to reflect in our bank account on the 1st day of the month at the very latest - irrespective whether this is a working day or not.
If your rent ,and/or any other amount due under your lease, are not received in full on the 1st day of the month, you are in arrears and in breach of your lease
Our rentals trust account is with Standard Bank - if you are with a different bank it's important to allow time inter-bank transfer delays, meaning that you probably need to make payment at least two business days prior to the date that your rent is due.
In terms of our mandate with our landlord clients we have to take action when any monies payable in terms of your lease is not received on time – this is a contractual obligation we have to our landlord clients that has to be complied with without fear or favour.
If your account is not settle in full by the 1st of the month we will usually send you a reminder by email and/or SMS to alert you to the fact that your account is not in good standing. This reminder is not a formal notice, it is simply a courtesy reminder.
If your account is not settled in full and ontime, the matter is handed over to our rental attorneys, Marlon Shevelew & Associates Inc. who will then issue a Letter of Demand (LOD) requiring full payment of the outstanding balance on your account, failing which the Landlord has the option cancell your lease.
The cost of the LOD will be added to your account. Please also note that, as per your lease agreement, interest and/or penalties, may also be added to and/or charged on the outstanding amount.
If the amount demanded in the LOD is not paid in full by the deadline specified in the LOD, we will seek instructions from the landlord to cancel your lease.
In addition to the above steps, we also retain the right to register late, part or non-payment of rent and other amounts due in terms of the lease, with TPN.
If you know that you are not going to be able to make full payment of the amount due on your account on time, please inform us so that we can inform the landlord.
Unfortunately we are not able to prevent any of the steps above from proceeding, but if you keep us informed so that we can keep the landlord updated, the landlord may be more lenient when it comes to exercising their option to cancel your lease.
Our contractual agreement (mandate) with our landlord clients imposes a contractual obligation on us to take the above actions, failing which we are in breach of our mandate.
The vast majority of our landlords have financial commitments with respect to their properties, e.g. bonds to pay. If they don’t meet their financial obligations there are consequences and usually additional costs and penalties payable.