When does rent have to be paid by?

Ever been on holiday and forgotten to pay your rent on time? Or worse you own a property and your bond repayments go through on the fourth of the month but your tenant still hasn’t paid. Is there any law regarding when the rent has to be paid? We asked Gauteng director of Pam Golding Properties to give us the answers.

No legislated law

"There is no law regarding when rent must be paid, it is not legislated as such," however, “the deadline for the payment of rent will be in the lease agreement, and if it says by 12pm on the first of each calendar month then that is when it must be paid.”

Rent is payable in advance

“Bear in mind that rental is payable in advance. If there is no written contract then the verbal agreement would apply, this would be in line with established practice of payment in advance.”

Avoid a verbal agreement

“A verbal agreement is a very bad idea. Make sure a lease is signed.”

Don’t believe the seven day tale

“The belief that one has seven days in which to pay rental comes from situations whereby agents managing properties will wait seven days for the cheque to be cleared by the bank, or in some cases to give tenant a chance to get into the office to pay before they take legal action against a defaulting party. However, this is just urban legend and does not apply — you must pay in advance in terms of the contract.”

Article from: http://iafrica.com