Page 27 - FWG_Issue 1_Feb_2022

Property

hanaaz Trethewey, CEO of against this individual as he was not on
RentMaster, shares the risks the lease at all.”
associated with the separation
Sprocess and her top insights on “Of course, there are always legal
how to navigate these sensitive times remedies, but they mean lengthy, costly
swiftly, empathetically and accurately.
and draining months of legal back and
forth where you cannot get another
TENANTS tenant into the property and earn the
Update your lease immediately income you were counting on. Since
As a tenant, if you vacate the property, neither of these parties updated the
the lease must be updated immediately documentation, all arrears had to be
to absolve you of any legally binding recovered from the partner who signed
agreement you made to pay the rent. If the lease but had moved out. As unfair
you don’t update the contract to exclude as the situation seems, at the end of the
you and your ex doesn’t pay rent, there day, the legal documentation is what is
is a chance that, as the leaseholder, you enforced,” says Shanaaz.
could be blacklisted. Updating the lease
directly with the landlord or property Rental Income
company will protect you from being If you have changed the ownership of
legally bound to pay rent or damages on Shanaaz Trethewey, CEO of RentMaster your investment property, as a landlord,
a home you no longer occupy. you need to understand that the rental
revenue and obligations belong to the
Know who you owe party or parties to whom the property is
Knowing who you are legally contracted living on your property are contracted registered. But be aware that registration
to pay is equally important. If, for instance, and have signed the lease. could be subject to trust deeds, or
there is a change in ownership of the settlement agreements.
property or a change in bank accounts This is fundamental, as it allows for legal
when joint landlords change their own action to be enforced on all parties living Property owners also need to be clear on
relationship status, you need to make on the property. They can then be held what is listed on the deed and update it
sure you are paying the right person. equally accountable for the settlement immediately should there be changes to
Making this clear in the contract makes it of the obligation mentioned in the trusts, beneficiaries or any recipients of
easier for the channels of communication lease agreement, and be included in the returns associated with the property.
to remain open and a solid flow of where any eviction processes if they become Changing legal documents such as trust
the money is routed to be established. necessary. While it may be tempting to deeds unilaterally can be considered
contract with only a primary contact to fraudulent and can result in criminal
LANDLORDS ‘keep it simple’ the reality is, neglecting to charges for landlords who receive rental
Sign up all your tenants contract all parties leads to legal battles that is not legally theirs.
As a landlord, there is always the that are anything but simple, especially if
chance that you can be defrauded, it involves a couple that has split up. Going through these levels of scrutiny to
so it is extremely important that you ensure that you are not open to these risks as
put your tenants through a thorough Shanaaz explains, “We have seen a case tenants or landlords may seem unnecessary
vetting process. Some individuals may where there was a lease signed with one in the midst of a dream marriage or
be trying to dodge the consequences of partner and post break-up, the unsigned relationship but these risks are all too real.
their bad decisions that are reflected in partner was left in occupation, without Sad as it may be, planning for the worst and
their records, by not signing the lease the ability to keep up full payments. trusting that the best happens is a far greater
themselves. To avoid any surprises, make Unfortunately, the landlord did not have strategy for long term happiness than being
sure that all legal adults (18 years or older) documentation that could be enforced duped or dumped.

“Knowing who you are legally contracted
to pay is equally important.”

Fourways Gardens • 25 • February 2022