The Rental Housing Amendment Act 43 of 2007 regulates the rental housing industry in South Africa.
DID YOU KNOW?
The deposit which the tenant pays to the Landlord remains the money of the tenant.
The deposit held by the Landlord is security in the event of damage to the property including outstanding costs due by the tenant to the Landlord.
The Landlord must invest the deposit received from the tenant in an interest bearing account. The deposit, including the interest earned during the lease period, must be refunded to the tenant at the end of the lease period.
DESPOSIT AT THE END OF THE LEASE PERIOD
No damage or outstanding costs owed to the Landlord at the end of the lease period:
- The Landlord must refund the tenant within 7 (Seven) days from vacating the property.
Damage or outstanding costs owed to the Landlord at the end of the lease period:
- The Landlord must refund the tenant within 14 (Fourteen) days from vacating the property.
