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.

We are considered “accountable institutions” and we are obliged to establish and verify our clients and keep and maintain a record of business relationships and transactions. If we do not comply, we may be fined up to R10 million for non-compliance with the provisions of FICA. We need to protect both you and our agency. we kindly urge all landlords to submit their FICA documents.

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

MRC may not conclude any transaction or enter into any business relationship without first identifying and verifying:

The Landlord or

The person representing the Landlord

Or the person on whose behalf the Landlord may be acting

Tenants must ensure that the monthly rental clears the landlord’s nominated bank account no later than the 1st (First) day of each month. The tenant must send the landlord proof of payment and follow up that the rent has been received.

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 Deposit(s) may not be accessed or utilised during the term of the Lease and shall only be applied 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.

The Tenant must reimburse the Landlord or Property Practitioner for any bank charges or other costs incurred as a result of payments made by the Tenant to the Landlord.

The Tenant will be charged interest on any amounts in arrears at an interest rate of 2% (Two Percent) per month and is capped at 24% (Twenty Four Percent) per annum

An easy way to calculate interest on late rent.

Scenario: Monthly rent is R9000. Rent is due 1 August but was only paid on the 20th of August = 19 Days.

2% of R9,000 =

R9,000 x 0.02 (2%) = R180

To calculate the daily interest (divide by the number of days in the month):

R180 ÷ 30 = R6 per day. The total interest for 19 Days:

R6 × 19 = R114

It is calculated from the first day of the month when rent is due, up until the date the tenant has paid the rent in full.

The Tenant must pay the landlord all amounts the landlord pays in respect of charges (plus VAT) charged by service providers supplying services to the Premises, which includes: -

Electricity:

- Basic service and network fees

- Meter service charges

- Common area electricity

- Actual consumption or estimated usage from Eskom or alternative sources (e.g. generators, inverters).

Water:

- Basic service and network fees

- Meter service charges

- Common area water usage

- Consumption or estimated usage

Other Services:

- Alarm system

- DSTV

- Gas, sewerage, refuse removal

- All utility charges (excluding the levy)

Internet:

- Connectivity fees

- Data usage charges

These charges must be paid to the landlord or property practitioner upon receipt of your rental invoice, and at the same time you pay your monthly rental payment.