How to recover a leased property

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You do not know How to recover a leased property?Calm! You have come to the right article for you. Here we will explain the requirements to rent an apartment, the documents you need and much more.

Currently in Colombia there is 35% of the population that lives in leases. In addition, companies in the real estate market prefer to rent an establishment to buy it.

In this article you will know all the important information to rent an apartment in Colombia and the steps you must follow if you want to recover a property that has been leased.

How to recover a leased property

If you own a property that is leased to a third party and you want to recover it, you must be clear that you must wait for the time stipulated in the contract to expire, otherwise you would be involved in a legal process. But if on the contrary, The lease period has already expired and the tenant does not want to vacate the propertyyou can file a claim for its restitution.

IMPORTANT!

To sue you must add the contract to be admitted.

Secondly, if the non-compliance by the tenant is due to non-payment of rent, public services, conflicts with neighbors, etc.. You can proceed to try an agreement with the tenant through a conciliation center.

However, if this does not work, you can terminate the lease. For this, you must notify the tenant in writing of the termination of the contract, indicating the exact cause of non-compliance and requesting the delivery of the property.

How to recover a rented property: Requirements to rent an apartment

In Colombia, the requirements to rent a property vary quite a bit depending on the condition of the tenant.

Employees

  • Extended Identity Card
  • Latest bank movements
  • Document that certifies the additional income (if applicable)
  • Proof of salary with position and length of service in the company
  • Original labor certificate that is valid for no more than 30 days.

pensioners

  • Extended Identity Card
  • Copy of RUT
  • Latest bank movements and document that proves if there is other income in addition to the pension.
  • Certificate of tradition as a pensioner

Independent workers

  • Labor tradition certificate
  • Extended Identity Card of the tenant
  • Bank statements for the last 3 months and a document that supports other income, if any.
  • Copy of RUT
  • Income Statement

Legal persons

  • Copy of RUT
  • Bank statements for the last 3 months and documents that certify other income (if applicable)
  • Demonstrative documentation of income and ability to pay partners.
  • Chamber of Commerce registration that does not exceed 60 days.
  • Copy of the last Income Tax Declaration.

for the landlord

The owner of the property must meet a series of requirements to carry out the lease effectively.

  • Habitability Certificate: the property must be rented with a permanence functionality through a contract. If it is not done in this way, the space can be considered a local.
  • Housing Energy Certificate: It is essential that the property has the certificate that is received by the corresponding body. It indicates that the space meets the necessary energy efficiency requirements in accordance with the law.
  • Documents that validate the property: This shows the tenant that the property is in the name of the owner. You can present the Home Ownership Title.

for the tenant

The person requesting the lease must comply with certain special requirements stipulated in the lease, document through which the use of the property is transferred temporarily.

  • You must deliver the documents explained in the previous section, depending on the condition of the tenant. This is essential for the formal lease application.
  • Complete the lease by making the corresponding payment and submitting the completed and signed application.
  • The interested party must prove income equivalent to double the Rental Canon.
  • If the Rental Canon is less than 500 thousand pesos, the applicant must present a co-signer who meets the above requirement.
  • If the canon is greater than 1 million pesos, the guarantors must have real estate.
  • The applicant must deliver the documents to the bonding company and in a maximum of 24 hours they will receive a response on their rental request.

Documents to proceed with the lease

The Lease Agreement requires by law the parties to present certain documents to carry out the process respective lease.

  • Property Energy Certificate
  • Habitability Certificate
  • Property documents
  • Leasing contract
  • Identification documents of both parties
  • Proof of applicant’s income
  • Labor accreditation of the tenant
  • Personal references

How to recover a leased property: What is renters insurance

Rental Insurance is one of the most important processes in the world of real estate leases. This is because its purpose is to offer support to the owner and the tenant, supervising the fulfillment of the obligations of both parties.

With this insurance the owner has the guarantee of the monthly rent payment, utility payments and management fees. However, in case of default in payments, the insurer will respond for the money that she has not received and will carry out the legal process with the delinquent tenant.

Likewise, the tenant has the guarantee of habitability of the property and peace of mind regarding future evictions and/or arbitrary increases.

How to recover a leased property: Requirements to acquire the insurance

  • The owner must present the Certificate of Tradition and Freedom of the property. This must certify that the property is yours and that it is free of domain limitations.
  • If the lease amount is less than 1.5 million pesos, the lessee must present a solvent co-debtor who owns at least fifty percent of a property in Colombia. But if the lease is above 1.5 million pesos, you must present two solvent co-debtors that guarantee real estate in the country. These properties that are registered must be free of any limitation in their domain.
  • Tenants and co-signers must present all the documentation that certifies their solvency. This must be greater than double the Lease Canon. You must also attach documents that prove your work activity.
  • The applicant must have a citizenship or foreign identity card. Passports are not accepted as identification.
  • The owner must pay a policy that is equivalent to 50% of the value of the Rental Canon. This is paid once the contract is signed and is valid for one year (renewable)
  • The tenant must pay the amount equivalent to the Study According to the Value of the Lease.

Rent payment methods

The forms of payment in leases are generally agreed upon by the owner and the tenant.. These agree through a contract, the advance payment of several months of rent.

If you are a landlord, it is important that you analyze your collection strategy very well, since there are many cases in which landlords accept the cancellation several months in advance and when the next collection period begins they begin to present delays.

In this sense, it takes into account that the fact that a person has solvency at the time of making payments in advance, does not mean that it is economically stable to pay off debts or have the necessary ethics to meet payments later.

Usually the owner requires advance payment of several months’ rent as insurance. They do this when they do not want to go through the process to secure the lease, but this can bring certain legal inconveniences.

You must take into account that The payment of the rent must be discussed and discussed by both parties before signing the contract. This in order to ensure that the rights and obligations of both the owner and the tenant are met.

Recommendations for renting an apartment

In Colombia there are many people who have a sufficiently comfortable life thanks to the lease of real estate. However, many of them are not informed or advised when carrying out these businesses and are involved in different problems.

That is why here we bring you some tips for you to rent your apartment quickly and legally.

  • The first thing you should do is choose the amount that the tenant must pay for taking your property for rent. You decide if it will be a fixed or negotiable price, what this amount includes and many more details.
  • We recommend that you carry out an inventory of your property. Record the state in which you deliver all the elements that are part of your property.
  • It is important that you treat your tenants with kindness and dedicate time to the service process on each visit to the property.
  • Avoid future inconveniences with your tenant. For this, request at least 4 references, bank statements from the last few months, labor certification and any other document that you consider necessary to ensure the reliability of the client.
  • It is important that you seek that your client is comfortable from the beginning. Try to advance online procedures to facilitate processes in these times of health emergency.

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