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Personal Guarantee Rental Agreement

Personal Guarantee Rental Agreement Template for South Africa

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Key Requirements PROMPT example:

Personal Guarantee Rental Agreement

"I need a Personal Guarantee Rental Agreement for a student tenant in Cape Town, South Africa, where the parent will act as guarantor for a 12-month lease starting January 2025, with monthly rental of R8,000 and the guarantee covering both rent and potential property damage."

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Document background
The Personal Guarantee Rental Agreement is a specialized legal instrument used in South African property transactions where additional security is required beyond a standard lease agreement. This document is typically employed when a landlord seeks extra assurance of rental payment and lease obligation fulfillment, particularly in cases involving first-time tenants, students, or tenants with limited credit history. The agreement combines elements of both rental law and guarantee provisions, ensuring compliance with the Rental Housing Act 50 of 1999 and the National Credit Act 34 of 2005. It establishes a three-way legal relationship between landlord, tenant, and guarantor, with the guarantor assuming financial responsibility if the tenant defaults on their obligations. The document is structured to protect all parties' interests while providing clear enforcement mechanisms within the South African legal system.
Suggested Sections

1. Parties: Identifies and provides full details of the Landlord, Tenant, and Guarantor

2. Background: Explains the context of the rental agreement and the need for a personal guarantee

3. Definitions: Defines key terms used throughout the agreement

4. Primary Lease Terms: Summarizes the main terms of the underlying lease agreement including rental amount, duration, and property details

5. Guarantee Obligations: Details the extent and nature of the guarantee, including the guarantor's specific obligations

6. Duration of Guarantee: Specifies how long the guarantee remains in effect

7. Payment Terms: Outlines when and how the guarantor must make payments if the tenant defaults

8. Default Provisions: Describes what constitutes a default and the consequences thereof

9. Guarantor's Warranties: Statements and promises made by the guarantor regarding their financial status and ability to pay

10. Landlord's Rights and Remedies: Sets out the landlord's rights in case of default and methods of enforcement

11. Notices: Specifies how formal communications between parties should be made

12. Governing Law: Confirms South African law governs the agreement

13. Dispute Resolution: Describes the process for resolving disputes between parties

14. General Provisions: Standard contractual terms including severability, entire agreement, and amendments

Optional Sections

1. Joint and Several Liability: Used when there are multiple guarantors who need to be jointly and severally liable

2. Limit of Guarantee: Include when the guarantee is to be capped at a specific amount

3. Early Termination Rights: Include when the guarantor has the right to terminate the guarantee under specific circumstances

4. Property Maintenance Obligations: Used when guarantor also guarantees tenant's obligations regarding property maintenance

5. Additional Security: Include when additional forms of security (such as deposits) are provided alongside the guarantee

6. Change of Parties: Include when there's a possibility of the landlord or tenant changing during the lease period

7. Insurance Requirements: Used when specific insurance obligations are being guaranteed

Suggested Schedules

1. Schedule A - Property Description: Detailed description of the rental property including address and inventory

2. Schedule B - Rental Payment Schedule: Detailed breakdown of rent amounts, due dates, and escalation terms

3. Schedule C - Guarantor's Financial Information: Financial statements or proof of income of the guarantor

4. Schedule D - Original Lease Agreement: Copy of the main lease agreement being guaranteed

5. Appendix 1 - Condition Report: Detailed report of the property's condition at the start of the lease

6. Appendix 2 - Proof of Identity: Copies of identity documents for all parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions
















































Clauses







































Relevant Industries

Real Estate

Property Management

Residential Property

Commercial Property

Financial Services

Legal Services

Property Investment

Rental Market

Relevant Teams

Legal

Property Management

Leasing

Risk Assessment

Compliance

Credit Assessment

Real Estate Operations

Facilities Management

Document Administration

Client Relations

Relevant Roles

Property Manager

Rental Agent

Legal Counsel

Real Estate Manager

Leasing Consultant

Property Administrator

Risk Manager

Compliance Officer

Credit Assessment Officer

Portfolio Manager

Facilities Manager

Real Estate Attorney

Property Investment Manager

Tenant Relations Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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