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8. Rental Payments – At the time of signing the contract, the landlord requires the first cheque up front and if there are other cheques these are post-dated. Make sure the payment terms are clearly stated and agreed upon.
9. Other Payments – Tenants pay a deposit of 5% of the annual rent to the landlord as a security deposit. Real Estate Agencies also charge 5% of the annual rent as their agency fee. Once all this is done a tenancy contract is drawn up stating property details, payment terms, and details of the landlord and tenant.
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