rent disscussion

Rental Deposits: Can I cancel after making the payment?

For every rental, there must be a lease agreement in place between the tenant and the landlord. With this, there arises a particular issue on the legal implications in the event of a cancellation of lease agreements. This can be brought about by a number of reasons – financial or otherwise – where the tenant decides to not take up the agreement, even after paying the requisite deposit.

 

But the biggest question is: If you paid a deposit on securing a rental property and decided you no longer wanted the place, would it be possible to get your deposit back?

 

The Head of Legal at TPN, Peter Mennen says in the event the lease agreement has not been signed or concluded you are not yet bound to the terms of the lease. There is only the hope of reaching an agreement, and at this point, you can request that your deposits be returned to you without any cancellation penalty. Ultimately there is no cancellation as there is no lease and no leasing relationship in play.

 

It’s important to note that nobody should have to pay a deposit without vetting the validity of both the property for rent and the landlord. This ensures that you avoid any risk of falling victim to any potential issues. As a tenant, you must also take note that a lease is a legally binding document, and make sure you understand all the points you agree to upon signature thereof.

 

Whether you’re a first time home buyer on seasoned, ensure there are no misunderstandings regarding the tenant-landlord relationship by understanding and discussing the following areas before paying any deposit:

 

The costs

The monthly rental amount must be clearly stated in the lease agreement, and it must explicitly explain any deposits that need to be paid as well as the terms and conditions surrounding the refund of deposits. Included in this, the water and electricity payment should also be clearly noted.

 

The rules

Know the rules. If the property is a complex, apartment building, or within an estate, there will be certain rules and regulations set out by the complex or estate that tenants will be obliged to adhere to.
Tenant behavior rules must be clearly stated in the lease, and it is important for tenants to understand and agree to any clauses which outline specific behavior that is prohibited.

 

The duration

The duration of the lease should be clearly indicated with specific dates included where applicable to avoid confusion around exactly when tenants can move in or should move out.

 

The termination clauses

A clear outline of the renewal process should the tenant and landlord wish to extend the lease must be included in the initial agreement. Clear terms and conditions for the termination of the lease – including early termination clauses – must be well stated. As a tenant, you need to be aware of renewal and notice clauses as some leases may require a certain notice period, even if the tenant plans to vacate the property after the initial lease has expired. As is the case with any legal document, you – as a tenant – should be very sure of the contents and clauses in the lease agreement, as well as the terms and conditions. You must be satisfied with them before signing in order to avoid any surprises later on.

At MMR, we are committed to making your real estate dreams a success and helping you find your new home. contact us today and get the best advice on buying a house in your area. We look forward to hearing from you!

 

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