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Rent Agreement Renewal Rules

To register a rental agreement, you would have to pay a fee such as stamp duty and registration fees. The fees are usually shared by tenants and landlords, but mention this in the agreement. In addition, people who have fees, such as legal fees or brokers, should be clear. The lease was then renewed on two other occasions. The Tenant attempted to exercise the possibility of renewal for the third time, but the lessor stated that he was available for the proposed extension with an agreed rent of R150,000 per month, including VAT. The Tenant argued that a fair rent was an 8 per cent annual escalation of the prevailing rent at the time. „The monthly rent payable during the extension period is a market-related rent, as agreed in writing between the parties, provided that the agreement, rent and subsequent escalation rate are not set by an independent expert. This independent expert is appointed by written agreement between the parties and, if not, by [the Chief Executive Officer of the South African Institute of Valuers]. The independent expert acts as an expert and not as an arbitrator, and his decision is final and binding on the parties. It is customary for the landlord and tenant to insert a renewal clause into a tenancy agreement. Such a clause generally allows a tenant to extend the term of the tenancy by an additional period on the same terms as the original term. The „period” in a periodic tenancy agreement is the same as the one for which the rent must be paid. If z.B.

the rent is paid monthly, the „period” normally takes place from month to month. Upgrading a unit can be a problem if someone lives on the land, but our article on rented property that tenants are looking for shows that strategic improvements like installing stainless steel appliances can bring more value to your unit. Using time between tenants to complete renovations can help you increase the rental price of the unit and attract better-paid tenants in the long run. In most cases, landlords require a deposit that usually corresponds to one or two months` rent. Mention the amount of the guarantee in the agreement and when it will be refunded. For example, if the landlord wants to increase the rent, he must wait until the end of the fixed term or get the tenant`s agreement and have an endorsement signed. The lessor cannot use a Section 21 notification at an early stage and terminate the lease before the fixed term expires.