Century21 Sweet Home Blog

The Rental Agreement in Detail

Formalization of the Agreement: the Lease

The lease is, like the contract of sale, an official document binding the lessee but also the lessor. It must, therefore, follow a standard framework and mention the necessary clauses and information:

  • The name, nationality, ID number and residential address of both parties.
  • The detailed characteristics of the property of interest by the lease: lot number, address, area, owner, and availability of parking space, among others.
  • The rent agreed between you and the tenant, but also the arrangements for making the payment (Name and address of the receiving bank).
  • The effective dates of the lease and the termination date. /li>
  • The list of the contractual obligations of the tenant and the landlord.
  • The signature of the stakeholders and witnesses (2 in general) when signing the lease.
  • The identification document of the landlord and the tenant but also any other useful document at the conclusion of the contract such as the bank information of the landlord, which indicates where to pay the rent. These documents are presented in the appendix at the end of the contract.
  • The record of the check-in and the inventory of the furniture and appliances present in the property which is also presented in the appendix of the rental contract and also requires the signature of both parties.

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Rent your property: The obligations…

Carry out the transfer procedures for expenses such as electricity and co-ownership charges but also settle all bills until the effective date of the contract.

Finally, throughout the execution of the lease, the lessor has the obligation to repair the appliances in case of failure.

… and rights

Although the lease agreement binds you, it is also intended to protect you from possible violation of the tenant to your property or breach of contract.

Thus, in the case of late payments, you will be entitled to claim late penalties as compensation and to deter the tenant from further late payments in the future.