Safety net for lessee, lessor if rent can't be paid

Posted On Sunday, 03 November 2002 02:00 Published by
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LOGIQUE has launched a risk management solution to guarantee property management agents and their clients a continued flow of income in the face of untimely and skipped rental payments.
LOGIQUE has launched a risk management solution to guarantee property management agents and their clients a continued flow of income in the face of untimely and skipped rental payments.
 
Logique is an alliance of Future Law and Alternative Risk Management Solutions (Arms).
 
Part of a group of insurance and debtor management products known as Master Series, the product, Rentmaster, offers its members recourse to a maximum of three-months' rent on defaulted lease agreements.
 
It also links subscribers' property management software with an online recourse debtor management system which is prescriptive in its methods of dealing with late- and non-paying clients, and saves subscribers time and administrative and legal costs in recuperating outstanding monies.
 
Members have access to a credit vetting system which provides them with a thorough background check on potential property lessees. Outsourced to the Tenant Profile Network, this service is the only application in the South African property market with the ability to cross-reference tenant details from a comprehensive database as well as providing an all-round assessment of credit risk.
 
Rentmaster's sister product, TenantMaster, provides cover in the event a tenant dies, is disabled or has  a heart attack or stroke. It also benefits property management agents who would not need to evict a family due to non-payment of rent resulting from retrenchment or untimely death.
 
With the provision that in such cases the subscribers to TenantMaster claim protection under the Prevention of Illegal Eviction from and Unlawful Occupation of Land Act, 19 of 1998, they will be given a just and equitable period to source another income to pay their rent or find alternative accommodation.
 
Myles Wakeham, CEO of Arms and Logique, said: 'These products have been long overdue in South Africa, especially with regards to property management agents and landlords who carry huge financial risks in terms of rental recovery.
 
Inquiries: contact Logique on 021 556 2600 or visit the website: http://www.masterseries.co.za

Publisher: Weekend Argus
Source: Weekend Argus

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