LEASE AGREEMENT: EVERYTHING YOU NEED TO KNOW
Concerns about the lease are constantly being raised. To resolve them, we consulted the lawyer Fabián Zabala, legal advisor for Central de Arrendamientos. In the video, you will find the answers.
These are some of the frequently asked questions:
1. Are there different kinds of leases?
Yes. The type of contract varies according to the location (if it is in an urban perimeter or if it is rural) and the destination of the property (commercial, residential, offices, warehouses or clinics). Depending on this, the regulations are different.
2. Does the lease need to be authenticated?
Although it is not mandatory, the parties involved in signing the contract do so to avoid identity theft.
3. What is the difference between extension and renewal?
Although they are constantly used as a synonym, the difference is that the extension is done automatically, keeping the same terms of the contract, while in the renewal terms such as the term and economic conditions can be changed.
In addition, renovation is used more in commercial properties.
4. If the lease is long-term, can the tenants take possession of the property?
This is more a myth, the tenants will not be able to become owners of the property, since the contract stipulates that the use is granted temporarily.