Nevertheless the tenant will remain liable for the rent until such time as a suitable replacement tenant in found. Usually this will include some form of penalty payable by the tenant. The lease agreement in place will determine the process available to the tenant in order to cancel the lease early. This user's experience placed him in a difficult position where money due for rent was stolen and he had no means to cover the financial loss he suffered. I know I am not going to get my deposit back, because I was breaking contract.Ĭrime in South Africa is violent and undermines our very society. I have to save for a few months for that. I am now staying with my mom because I don't have a deposit for another flat.
What must I do? I could have stayed in the flat, and owe the flat owner one month rent, or paid it off because I don't have the money to pay it in full at once. My contract said I have to give 2 month notice. The flat owner called me and tell me I must pay for the rent for June 2008, the flatowner has also financial commitments. I told her I will be out of the flat at the 20th of June 2008.Īccording to me I could have stayed in the flat till the end of June 2008, because I did pay for that month. On the 6th of June 2008 I advised my landlady that I cannot pay for the flat, because my handbag with all my money was stolen. I paid a full deposit and a month's rent upfront and then rent in the first week of every month. Insurance policy for tenants to cover the rent in the event of retrenchment or death – contact RentMaster 0861 250 250 (www.rentmaster) It is advisable to make these arrangements as soon as possible rather than building an outstanding arrears account. Depending on the terms of the lease agreement, there might be penalties payable by the tenant. If the tenant does not have the means to pay the rent, the next step is to meet with the property manager or landlord to decide on a way forward in terms of releasing the tenant from the lease agreement. For example could their spouse or co-lessee cover the rent while the tenant found new employment or do they have savings in place to meet the rent. The tenant would have to consider their financial ability to meet the monthly rental. Unfortunately if the tenant was not covered by this insurance and she is retrenched she would still be liable for the monthly rental payments. The tenant would have to take out the policy whilst still employed to received the benefit of the cover. There is an insurance product available to tenants to cover the tenant in the case of retrenchment. It is a frightening prospect to face retrenchment and the possibility of a month or maybe 2 without an incoming salary. Your rental income is guaranteed on-time every month.Ĭontact RentMaster: 0861 250 250 (The tenant can insure their rent in the case of retrenchment or death through RentMaster 0861 250 250 (Q: What happens if a tenant loses his job, and has no income?
RentMaster offers a professional rental collection service for residential property owners, backed by a no-nonsense guarantee. Tenrisk, in conjunction with Hollard and qualified legal experts, has designed the Landlord Protection Policy – a sorted new insurance solution for landlords, guaranteeing their rental income and managing the legal process around tenant eviction.Ĭontact TenRisk: 0861 254 254 (RentMaster - underwritten by Santam : The landlord can insure the payment of his rent through the following companies: There is insurance available for both the landlord and tenant against property rental. Is there an insurance policy available that will cover a landlord for income lost due to non-paying tenant? Typically it should cover the landlord against loss of income as well as legal assistance.
Michelle Dickens, CEO of the Tenant Profile Network, answers questions from readers on rental issues.