Propnet South Africa (Pty) Ltd

Misleading Lease Information Left Me Financially Exposed

Very disappointing experience during a recent property purchase. I was informed that the current tenant had been given notice and would vacate prior to registration. Based on this, I proceeded in good faith and extended a new lease agreement to the tenant, as I was assured they were a reliable, well-paying individual. However, I have yet to receive any deposit or rental payment owed from 1 June 2026. A major concern is the contradictory information provided regarding the status of the lease. I was initially told the lease had effectively been terminated, but this later proved to be incorrect, as no termination documentation could be provided to me when asked for. This inconsistency is not a minor issue — it is a significant barrier in a property transaction, as the status of an existing lease directly impacts a buyer’s decision-making and risk exposure. In addition, the wrong lease agreement was initially provided to me, and the correct lease (which is still in force) was only shared after problems arose. Information that the tenant had defaulted on payments in April 2026 was only disclosed after escalation on 9 June 2026 — well after I had extended a new lease on 1 May 2026. Although Propnet SA did not manage the rental, they facilitated the sale, and I would expect that critical information of this nature is verified and communicated accurately. This lack of clear and reliable information has resulted in unnecessary legal costs and left me in a position where I am out of pocket with a defaulting tenant already occupying the property. I would strongly advise buyers to independently verify all lease and tenant information and not rely solely on what is communicated during the sales process.