Whether it’s a short visit or a long-term stay, renting can be a good alternative to buying because it’s less involved and requires moving less financial resources. In addition, renting does not have any limitation for foreigners as opposed to purchasing, whether it’s land, a condominium (furnished or not, although the rentals are here very often furnished), or a villa.
What are the Steps to Establish a Lease?
Once you find what you are looking for, the agency takes care of the relationship and serves as an intermediary. Therefore we’re able to accompany you, advise you in particular parts, and in what documents to provide.
The Lease: Central Document of the Transaction
The lease is, like the sales contract, an official document contractually binding between the two parties (tenant and landlord).
It must follow a standardized structure and mention the following mandatory clauses and information:
- The names, nationalities, identification document numbers, and residence addresses of both parties.
- The detailed characteristics of the property of interest on the lease: lot number, address, area, owner and presence of parking space, among others.
- The rental amount agreed between the tenant and landlord but also the arrangements for making the payment (Name and address of the receiving bank).
- The effective dates of the lease and the date of expiry.
- The list of the contractual obligations of the tenant but also of the landlord
- The signatures of the stakeholders and witnesses present (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 document 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 appliances and furniture present in the property, which are also presented in the appendix of the rental contract and again require the signature of both parties.
What to do once you’re at the end of the lease?
- Renewal of the lease: In this case, both parties must agree on new terms together no later than 30 days before the end of the current contract. A new contract will be established and signed according to the new terms negotiated (Rent modification for example).
- Non-renewal of the lease: In the event that the tenant or the renter does not wish to renew the contract, this one expires on the date determined initially. Before the departure of the tenant, a check-out visit is organized with the agent and an inventory is made.
The Obligations of the Tenant:
The first of these obligations, and the most important, is of course the payment of the rent according to what is written on the contract. Thus, the terms of payment, the amount, and the date on which the rent must be paid must be respected in order to avoid any dispute with the owner and a deterioration of the relationship. The tenant is also responsible for the condition of the property and must respect the rules of the condominiums established by the Juristic Office (management office of the condominium).