The lease Housing is an alternative that will allow you to access residential areas near your workplace, it will give you the flexibility to move at some point or, where appropriate, you can use an empty real estate property to generate income.
However, keep in mind that once you find your ideal place or tenant, the leasing contract It will be the first step of many to review in detail and you should always keep it in mind as a legal instrument and information mechanism to protect yourself from future incidents.
It doesn’t matter if it’s your first leasing contract or one of several, below we give you some recommendations to make it a legal instrument that makes your life easier.
What is it, what is it for and who makes it?
Let’s start with the basics, a leasing contract It fulfills the same function as any other that we sign when acquiring a good or a service: leave specific clauses to favor the relationship between the parties involved.
According to the real estate portal Vivanuncios, a leasing contract It is a format that helps establish the obligations and rights of each member of the operation, that is, whether you are a tenant or owner of a property, sign a contract will be ideal.
“It determines the most important legal conditions that both parties must comply with in order to have an appropriate landlord-tenant relationship and not fail to comply with the clauses determined in the contract,” Vivanuncios explained on the subject.
“In the housing lease contract model nothing can be assumed or taken for granted, it must include the clauses, conditions and sanctions in case of non-compliance or eventualities”.
The data that you should never miss
Beyond the specific details, conditions and clauses that each person involved asks to include, according to the real estate website Neximo, a leasing contract You must always have the following information to make it valid:
- Name of both people.
- Location of the property.
- Amount of money that you agree to pay for rent.
- A detailed description of the house.
- Deposit.
- Stipulate the start dates of the contract, rent payments and the end of the same.
The details are what count
Although the intention of a relationship between tenant and tenant is that it be the most stable and without setbacks, the reality is that the least expected events occur, for example, a pandemic that leaves us without a job and without income to pay the rent on time.
Cristina Palacios, co-founder and COO of Aptuno, commented that the leasing contract It is an instrument that must ensure the interests of both parties involved, but, above all, it is necessary to set very specific conditions such as maintenance amounts, penalties for early cancellation and even to be clear about the annual increases in the rental value.
“For any tenant, the most important thing to review in a contract is to be very clear about the rent amounts, in terms of not only the monthly payment of the place, but also additional expenses such as maintenance,” he explained.
“The next basic point and in which not many people pay attention is in what proportion the price rises annually and how much time in advance they can cancel the contract.”
For the specialist, it is necessary to see if special clauses are included, especially on the side of the owners, in case of future negotiations, to have the initial agreement in writing.
Also, said the Aptuno board, it is important to keep in mind the regulations in writing, since both landlords and tenants must take into account the conditions under which they must take care of the properties.
Protect yourself from the unexpected
The least imagined events can happen, proof of this was the health emergency due to covid-19, which posed challenges for all those involved in the housing rental market.
Paola Cruz, director of asset management at ALIGNMEX Real Estate Capital and SíRENTA, explained that for the rental housing segment, the contract leasing is an element that must be well understood and analyzed by tenants.
He explained that, in his case, they have three different types of leasing contractaccording to the requirements and occupancy periods anticipated by each tenant.
The directive pointed out that for SíRENTA, the conditions of early cancellation is one of the most relevant elements, due to the penalties included and the periods of vacancy, since both the tenants and the owners must have time available to find a new place to live. and to have a new occupant.
“The contract is fundamental, you cannot argue: ‘I did not read it, I did not understand it’ because it is something that as a rule we make sure that they read it, understand it and we review any doubt”, the directive limited.