Home Entrepreneur Will you renew your lease? Please keep these points in mind

Will you renew your lease? Please keep these points in mind

In the lease, you and the landlord have rights and obligations. Check out everything you need to know.

April 23, 2021

4 minutes of reading

This article is translated from us Spanish edition using AI technology. Errors can persist due to this process.

Comments expressed by Businessmen the contributors are their own.

Do you really like the house or apartment where you live and are you considering renewing your tenancy? Real estate portal Propiedades.com Have shared some points that you should keep in mind before you sign this document.

Verify that the conditions for its extension exist

In the lease, you and the landlord have rights and obligations. So, before renovating, as a tenant, check that:

  • You have adhered to the terms
  • You have paid your rent and services on time
  • Has property in good condition
  • Maintain a friendly relationship with the landlord
  • Your landlord or employer must:
  • Property payment update
  • Know the potential defects of the property
  • Do not interfere with the use of property while the contract is in effect
  • Payment of damages or repairs with respect to that person, as set forth earlier in the contract

Check costs and payment method

Year after year, rents go up. eyes! This increase must be realistic and prudent. According to Leonardo González, real estate analyst at Propiedades.com , the increase must be consistent with inflation. Therefore, before renewing the contract, check if they are charging you just enough.

Another factor that you should take into account is the maintenance price. The new contract must specify whether the quota is increased or not. Also, if you or your landlord pays the money it is up to you.

For the month of deposit you just transferred, check that the month is up to date. If so, verify that the increase is based on the new cost of the rent. Remember that when you leave the property, the security deposit will serve the owner to pay damages or debts. Also, verify that the contract states the amount, term, and location of the rental payment.

Respect the process

This may be the fifth time you renew your contract. However, you and your host must consider it to be of the same importance and follow the same procedure as when it opened. So again:

  • Have your ID valid
  • Submit proof of your earnings or a copy of an account statement
  • Seek testimonials

Remember that the lease is usually one year. So let’s check if it’s in the same amount of time. If you or your landlord wants to terminate early, it is important that you give advance notice of your reason and date. Otherwise both will not comply with the agreement.

Another aspect that you need to keep in mind is legal policy. This document is created by a corporation or law firm and acts as an “arbitrator” between you and your landlord. With it, injustices or abuse are avoided.

He also sees information as power. So, before you renew your tenancy, it is best to know the National Law on Domain Extinction. Yes, with it, any tangible and intangible property associated with the crime can be confiscated.

Leonardo González argues that this Law is an incentive for owners to track and oversee the legal use of their property. Now you know why it is important for you to renew your contract. With this document, you live more peace of mind and you have legal support.



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