What date is my rent due to be paid?
Category News
A frequently asked question we get asked by the tenants is "by what date should my rent be paid?" As per Lifestyle Property Group's lease agreement the rent is to be paid by the 1st of every month. This date may be amended if agreed by the landlord and tenant.
This also applies to other charges billed to the tenant monthly witch usually is the water, refuse, sewerage and electricity or otherwise agreed that utilities are included in the rent.
Why must my rent be paid by this date?
The landlord has obligations to fore fill for example, creditors, bond repayments as well as utility bills. Basically, the Landlord has to keep his creditors in good standing.
Is there a 7 day grace period for rental payment?
No, there is not a 7-day grace period as per the lease agreement all terms are binding, and the tenant is obliged to make prompt and regular payments of the rent and utilities.
What happens with late payments?
On the lease agreement there will be a percentage charged for late payments, this will be added to the next month's statement. A TPN letter will also be sent to the tenant and will be for their account.
In closing it is important to make sure that your funds will be available on due date before signing the lease agreement.
Late payments will incur penalties and will effect your credit score.
Author: Gillian Reyneke
