PROPERTY RENTAL
PROPERTY RENTAL: TIPS SO THAT YOU ARE NOT FOOLED

Property rental: tips so that you are not fooled

One of the most anticipated seasons by families is that of vacations in the middle and at the end of the year, in which many plans to rent a country estate or an apartment and, thus, rest and change the routine.

Internet is the obligatory option to look for a rest property. However, not all that glitters is gold. There are some basic precautions to be taken to prevent unscrupulous people from ripping you off, taking your money, and ruining these holidays.

Metrocuadrado.com consulted the IT security expert Heidy Balata, manager of the Secular de Seguridad firm, who gave a series of recommendations when looking for and renting a farm or apartment for vacation:

Cautions when doing an Internet business

These are some computer security tips that the Ministry of Information and Communications gives us and that you should take into account if you are going to make an online transaction.

1. Keep your equipment protected: remember that making a purchase online is one of the processes in which we have to give more personal information: identification cards, addresses, and telephone numbers, among others. Therefore, it is necessary that your computer is protected and updated, for this you must have an antivirus.

2. Use your personal computer: if possible, as a security measure, you should avoid the use of other people’s computers or make transactions in public places such as internet cafes.

3. Recognized and reputable websites: sometimes to search for a good offer we enter unknown web pages, check that the URL of the browser matches the website where you are buying and verify that the address begins with https (the browser also shows a padlock, which indicates that the portal has a security certificate).

Do not enter links that take you from their email to sites of a financial institution, it is one of the most common methods that criminals use to obtain your personal data and then impersonate your identity.

4. Request purchase notifications from your bank: today financial institutions offer a free notification service when a card purchase is made. If you don’t have this service, request it. This way you will receive notifications after making purchases or bank transactions, making it easier for you to verify operations and, if necessary, react immediately.

LEASE A PROPERTY
HOW TO LEASE A PROPERTY SAFELY AND AVOID FUTURE PROBLEMS

How to lease a property safely and avoid future problems

According to the Bogota Real Estate Exchange, about 35 percent of Colombians live in rent, which represents an approximate figure of 17 million people.

When making the decision to lease a property that is our property, several doubts arise. That is why at Metrocuadrado we spoke with David Felipe Morales, consulting attorney, to clarify the doubts that arise around this issue.

Policy and lease

The main thing that we must take into account, as owners of a property, is to ensure this rental process with a policy.

“This will guarantee that in the event of a breach of the lease contract with the lessee, this can be covered with the insurance policy,” Morales explained.

Regarding the contract, we must ensure that it is specified who the parties are who sign the document, what they commit to with respect to the rental property, what payment term the tenant will have and the assigned value of the rental fees.

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Morales highlighted the importance of determining in the contract the co-tenants who would be responsible for covering the payments if the tenant defaults.

Leasing a property directly or with a real estate agency?

The expert assures that the main thing is to be clear that we cannot risk leasing our property without a guarantee, which in this case would be the insurance policy.

“Generally, real estate companies work with insurance companies, so the property is supported there, so it would be a good option. However, as the owner of the property, I can save the link with the real estate and simply secure myself with the policy to lease directly,”Morales clarified.

As the owner of a property that I have leased, what can I legally do if the person incurs a default due to non-payment and also delivers it without paying the permanence clause due to lack of economic resources?

A: The policy will be in charge of paying the owner the value of the fees owed and, in addition, this insurance will be the one that leads the process of eviction from the property by this tenant who breached the contract. That is why the importance in always ensuring my property with a policy.

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If there is damage to the property, who should respond?

A: This type of damage is not stipulated in the policy. We must bear in mind that the contract always establishes a clause that says that the property must be delivered in the same conditions in which it was delivered. The owner should not receive the property until this is done. If the tenant does not respond then they will be the co-tenants, hence the importance of the clauses of the contract.

What are the reasons why I can terminate the contract with the tenant?

1. Failure to pay the lease fee

2. Change in the destination of the use of the property, that is, if I rent an apartment for housing, the tenants could not use it as a commercial premise or vice versa. This should always be stipulated in the contract.

3. If the property is destined for illegal activities.

Increase in rental value in times of pandemic

Finally, the lawyer explained that legally there are no restrictions to raise the rental fee, except that the maximum value is strictly tied to the IPC of the immediately previous year. Then it can go up clearly. “But we must take into account the context we are living in and reach agreements with the tenant so that no one is affected in this situation,” Morales concluded.

According to Fedelonjas, between 15% and 20% of the rental contracts had an agreement after the pandemic.