Beware when renting out property

robA recent case brought to NCFP’s attention seriously questions the protection offered here when using a rental company. An expat thought that having a contract with a rental company along with a contract with the tenant should offer them all the protection they needed. How wrong could they have been? The rent was supposed to go straight into their bank account and the rental company were supposed to be looking after the property.

The result of this attempt to raise cash by renting their property was a financial disaster. Not only did the tenant quickly default on the rent but they also left a huge unpaid utility bill and took some of the contents from the property. The expats then discovered that the rental company, police and even a lawyer could do nothing to get their money or the stolen contents back. Worse that that, the lawyer’s fee would have to be paid even though they could do nothing to help them.

The moral of the story? I’ll let you make you own one up.

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