Questions?

A mandate is an instruction or authority given by the Landlord/Seller (owner of the Premises) to and accepted by the Agent to perform some Estate agency services for the client. The business relationship is between the Landlord and the Agent. It is important to note that signed Mandates are to be attached or to be incorporated in the Lease Agreement.

For all pre-existing Lease Agreements, we are to obtain signed mandates from our Landlords.

Estate Agents are “accountable institutions” are we are obliged to verify our clients and to keep a record of these documents. Failure to comply may result in a fine up to R10 000 000 for non-compliance with the provisions of FICA.

We are obliged to and have a duty to:

Establish and verify the identity our clients

Duty to keep and maintain a record of business relationships and transactions.

Report any suspicious transactions to the Financial Intelligence Centre (www.fic.gov.za) and take measures to promote compliance

We may not conclude a single transaction or enter a business relationship with a client without having identified and verified the client, the person representing the Landlord or the person for whom the Landlord may be acting.

As Managing Agents, we are required to FICA past/present and all future Landlords.

The Tenant must ensure that the Monthly Rental clears the Landlord’s nominated bank account no later than the 1st (First) day of every Month.

The Tenant is to confirm with the Landlord / Agent that payment has been received; and

The Tenant is to repay the Landlord / Agent for any bank charges resulting from any payment made by the Tenant to the Landlord / Agent.

If the rent is not paid on time, the Tenant be charged interest on the outstanding amount.

No. The Deposit/s will be paid into the Landlord’s nominated bank account. The Landlord will invest the Deposit/s in an interest-bearing account for the benefit of the Tenant. The Landlord may not use the Deposit during the tenancy of the Lease, the Deposit may only be used in accordance with the provisions of the Rental Housing Act.

Where the Landlord is a natural person and the Tenant is either a natural person or a juristic entity (e.g. a trust, close corporation or company) with an asset value or annual turnover LESS than R2 million (Two Million Rand).

Yes, if Section 14 of the Consumer Protection Act applies the Tenant shall be entitled to cancel the lease for any reason, at any time during the lease period by giving the Landlord 20 (Twenty) business days’ written notice of such cancellation. If the Tenant exercise this right, the Tenant be liable to pay the Landlord a reasonable cancellation penalty.