Renting comes with quite a bit of convenience, but it can be tricky, especially if you’re renting for the first time. We have a guideline that will come in handy.
When to pay
We’ll start with this one because it is probably the most important. The due date for payment must be stated in your lease agreement. This is always to be adhered to in order to avoid issues with the landlord. If your method of payment is EFT, you need to ensure that the landlord has received the full payment by the due date, irrespective of the bank that you use.
How to pay
Landlords usually allow different methods of payment for your convenience. In some cases, however, the landlord will state a specific method of payment. This may not seem like an issue to some but using any other method of payment besides that which is stated on the lease constitutes as a breach of contract. Landlords have a reason for the method of payment that they prefer, not adhering to this may lead to you being liable for any service fees incurred.
Being penalised for not paying on time
Late payment can be penalised. This should not be done in the form of any other amount charged besides that of interest on the original rent amount. This does not, however, stop the landlord from taking other courses of action.
Breaching the lease
Failing to make rent of payment on time is a breach of your lease agreement. Many people would wait before they are informed that they have breached the lease agreement before they take it seriously. However, you are in breach of the lease as soon as the due date has passed. In some cases, the landlord can take legal action against you. Action against you can include: suing you, selling your goods in order to recover what’s owed, and cancelling the lease.
Based on this article, you might have gathered that you need to read your lease agreement carefully before signing it and clarify terms of the agreement that you might not understand with your landlord. We hope that you’re ready for happy renting!