Landlording 101

The pandemic forced landlords to take great cuts in rental income to accommodate their tenant's financial situations. Be aware of your rights and obligations as a landlord;

• Agreements must be communicated, preferably in writing confirming the parties' details, property description, rental charged and the duration of term
• The deposit, the amount used to settle any damages claims or outstanding arrears, must be kept in an interest bearing trust account
• Deposits should be returned within 7 days after the termination of the lease term, should no damages be claimed
• Upon early lease termination, the tenant is liable for the rental, penalty for the loss of rental whilst the property remains vacant, and commission costs
• Should a tenant default on rent, it is a criminal offence to lock a tenant out of the property, disconnect utilities or remove their possessions