Lock-down, now what? – here are some answers for FAQ powered by Private Property
Mike Greeff, CEO of Greeff Christie’s International Real Estate, gives us answers to property-related questions asked many concerned property buyers, sellers, tenants, and landlords.
Q: Can a tenant use the security deposit to pay for the pro-rata rent for a residential property?
A: Many tenants have this misconception they have the right to tap into their deposits held in trust (during this time) says Burt. Unfortunately, these are damage deposits held for a very specific purpose and are regulated under most leases and current legislation. Greeff cautions that ‘’using your security deposit for rental is not allowed and should be outlined in most leases’’.
Q: Are there any legalities people should consider during this lockdown that’s property-related?
A: If there are transfers pending, it is important that sellers keep the property well-maintained and in the same condition as at date of sale (applies at all times, not just lockdown) but access to garden services, pool services etc, is limited. If something happens to property which can only be attended to after lockdown, the seller must disclose this and ensure it is attended to promptly.
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