LANDLORDS FAQ
Landlords FAQ
Whats New:
This is La Grande's New Web Site.
February 2011
Please feel free to give your comments on La Grande's new website, by clicking on Contact Us in the Main Menu.
Current News
Interest rate Cut
November 2010
On 18 November 2010 The Reserve Bank has anounced that the repo rate is reduced by 50 basis points. This means that the banks will reduce their prime lending rate down to 9%.
Recent Events
No Transfer Duty or Capital Gain Tax?
February 2011
For those of you who have their primary residence registered in a CC., Trust or Company, now have the opportunity to transfer the property into your own name, with out paying transfer duty or capital gain tax. Before you take any action, consult with your finacial advisor to establish whether this will be to your advantage. Then consult with your transferring attorney to establish whether you will qualify not to pay transfer duty and capital gain tax. Then establish with your bank wheteher you will qualify for the outstanding bond amount. You have to take action before the end of 2011.
F.A.Q. BY LANDLORDS
Type in your Search Term
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What do you need from me in order to Let my property?
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How will you go about in finding me a tenant?
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What happens once La Grande has found a tenant for my property?
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What happens once the application is approved?
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What must happen before the tenant can be given the keys?
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What happens to the tenant's rental deposit?
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When and how will I receive my rental?
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What happens during the lease period?
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What happens when the lease expires?
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What are my obligations as landlord?
What do you need from me in order to market my property?
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Consent to Let
- Before you can let your property, you need to obtain written permission to let from the superior Landlord of the property. If you do not receive permission, your tenancy may be deemed unlawful.
- We will require a signed Mandate in order to act on your behalf as your agent and to commence with the marketing of your property. We will supply you with the mandate form that will be discussed and explained to you before you sign it.
- We will require a set of keys for access, along with instructions on viewing arrangements. Please note that once a tenant has been found for your property, additional sets will be required. We will assist you in obtaining another set of keys.
Mandate to Let
Keys
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How will you go about in finding me a tenant?
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Property Marketing Details
- Once you have instructed us to let your property, we will arrange for photographs to be taken, and property details to be drawn up for marketing.
- Once we have all the relevant details regarding your property we will contact all our relevant applicants registered with us and send them the property details via telephone, e-mail and internet.
- Your property will immediately be placed on the following websites; La Grande, property 24, gumtree;
- Your property will also appear in weekly newspapers advertising. A “To Let Board” will also be placed at the property, unless otherwise advised.
Contact Relevant Applicants on Our Data Base
Internet Advertising
Printed Media & To Let Boards
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What happens once La Grande has found a tenant for my property?
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Application Process
- The applicant will have to complete our application forms and submit them with a copy of three months pay sheets and a copy of his bank statement reflecting the pay sheet amounts.
- The applicant will also have to show us his I.D. book and proof of residential address as required by FICA.
- The authenticity of the applicants I.D. is checked via the data bank of the Department of Home Affairs.
- A Credit Check is done via the data bank of two Credit Bureaus
- The applicant’s payment behaviour is obtained from TPN. if a record exists.
- An affordable study is done to ascertain whether the applicant can afford the rental.
- The applicants previous landlord may have to be contacted to ascertain additional information regarding the tenant.
- Once La Grande has approved the applicant, the applicant will be advised and an appointment will be made in order for the landlord to meet the applicant should the parties so wish.
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What happens once the application is approved?
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The Lease Agreement
- La Grande will draw up a Lease Agreement between Landlord and Tenant.
- La Grande will arrange for the signing of the Lease Agreement by the parties concerned and ensure that the Lease Agreement is legally binding on both parties.
- La Grande will make copies of the Lease Agreement and supply them to both the Landlord and the Tenant.
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What must happen before the tenant can be given the keys?
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Condition of the Property
- The property must be cleaned, vacant and in a good state of repair.
- The Letting Agent in the presents of the Landlord will draw up an inventory of all moveable furniture, fittings and fixtures and take photos of all existing damages to the property.
- The Letting Agent in the presents of the tenant will go through the inventory on the day of handover and the tenant will be asked to confirm the contents of the inventory, by signing the inventory.
Inventory of the Property
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What happens to the tenant's rental deposit?
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The Rental Deposit
- The Tenant’s rental deposit will be kept in La Grande’s trust account where it will earn interest for the account of the tenant.
- La Grande will manage the rental deposit as prescribed by the Estate Agency Affairs Board.
- Once the tenant moves out, the deposit plus interest accumulated minus the cost for damages(if any) incurred by the tenant, will be refunded to the tenant.
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When and how will I receive my rental?
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Method of Payment
- The rent will be paid into your bank account via ABSA internet banking.
- The rent will be transferred into your bank account within 48 hours after the tenant’s rental reflects on our bank statement and has been cleared by the bank. Please note that pending with which bank you are, the transferring of funds between banks can take up to 2 days. Public holidays, long week ends etc. will prolong the transfer. Under normal circumstances we transfer the rental to your account as from the second of the month.
- The amount will be the rental amount due by the tenant minus the utility accounts paid on your behalf (if so requested) minus our Letting Fees.
When you can expect your Rental
The Amount You will Receive
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What happens during the lease period?
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Your Package Deal
- The package deal you have selected determines our involvement and how the lease will be managed.
- Silver, (Obtaining a Tenant only)
- Gold (Obtain and Manage Lease Agreement)
- Platinum. (Obtain, Manage Lease Agreement plus attending to maintenance aspects of the property)
The package deals you can choose from are;
To view the package deals, click here.
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What happens when the lease expires?
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Before the Lease Expires
- In accordance with the Lease Agreement and pending on the package deal you opted for, we will contact you and the Tenant, two months prior the lease expires, to enquire whether you both would like to enter into a new lease agreement. If so, La Grande will assist both parties to enter into a new lease agreement, which will be to the best advantage to both parties.
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What are my obligations as a Landlord?
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The Rental Housing Act
- The Rental Housing Act of 1999 stipulates your legal obligations. We will guide and assist you regarding these matters.
- Your obligations are stipulated in the Lease agreement.
As per the Lease Agreement
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