Page 23 - Irene Farm Villages Issue 1 2022

Property

hanaaz Trethewey, CEO of RentMaster, shares the
risks associated with the separation process and
Sher top insights on how to navigate these sensitive
times swiftly, empathetically and accurately.

TENANTS
Update your lease immediately
As a tenant, if you vacate the property, the lease must be
updated immediately to absolve you of any legally binding
agreement you made to pay the rent. If you don’t update the
contract to exclude you and your ex doesn’t pay rent, there
is a chance that, as the leaseholder, you could be blacklisted.
Updating the lease directly with the landlord or property
company will protect you from being legally bound to pay rent
or damages on a home you no longer occupy.

Know who you owe
Knowing who you are legally contracted to pay is equally
important. If, for instance, there is a change in ownership of the
property or a change in bank accounts when joint landlords
change their own relationship status, you need to make sure
you are paying the right person. Making this clear in the
contract makes it easier for the channels of communication to Shanaaz Trethewey, CEO of RentMaster
remain open and a solid flow of where the money is routed to
be established. lengthy, costly and draining months of legal back and forth
where you cannot get another tenant into the property
LANDLORDS and earn the income you were counting on. Since neither
Sign up all your tenants of these parties updated the documentation, all arrears had
As a landlord, there is always the chance that you can be to be recovered from the partner who signed the lease but
defrauded, so it is extremely important that you put your had moved out. As unfair as the situation seems, at the end
tenants through a thorough vetting process. Some individuals of the day, the legal documentation is what is enforced,” says
may be trying to dodge the consequences of their bad Shanaaz.
decisions that are reflected in their records, by not signing
the lease themselves. To avoid any surprises, make sure that Rental Income
all legal adults (18 years or older) living on your property are If you have changed the ownership of your investment
contracted and have signed the lease. property, as a landlord, you need to understand that the rental
This is fundamental, as it allows for legal action to be revenue and obligations belong to the party or parties to
enforced on all parties living on the property. They can then be whom the property is registered. But be aware that registration
held equally accountable for the settlement of the obligation could be subject to trust deeds, or settlement agreements.
mentioned in the lease agreement, and be included in any Property owners also need to be clear on what is listed on the
eviction processes if they become necessary. While it may be deed and update it immediately should there be changes to
tempting to contract with only a primary contact to ‘keep it trusts, beneficiaries or any recipients of the returns associated
simple’ the reality is, neglecting to contract all parties leads with the property. Changing legal documents such as trust
to legal battles that are anything but simple, especially if it deeds unilaterally can be considered fraudulent and can result
involves a couple that has split up. in criminal charges for landlords who receive rental that is not
Shanaaz explains, “We have seen a case where there was a legally theirs.
lease signed with one partner and post break-up, the unsigned Going through these levels of scrutiny to ensure that you
partner was left in occupation, without the ability to keep are not open to these risks as tenants or landlords may seem
up full payments. Unfortunately, the landlord did not have unnecessary in the midst of a dream marriage or relationship
documentation that could be enforced against this individual but these risks are all too real. Sad as it may be, planning for
as he was not on the lease at all.” the worst and trusting that the best happens is a far greater
“Of course, there are always legal remedies, but they mean strategy for long term happiness than being duped or dumped.

The Villager • Issue 1 2022 • 21