Requirements and guarantees to process a rental bond

To rent a property implies leaving the heritage that we have built with so much effort in the hands of a stranger. For this reason, the support of a rental bond is essential to provide landlords with the legal and legal certainty necessary to rent a property.

A  rental bond is an instrument of guarantee whose objective is to cover unpaid rents  in case the tenant or tenant fails to pay them, protecting the interests of the owner or lessor.

Normally, this type of bond is requested by the landlord before signing the contract, however, in most cases, the policy must be contracted and paid by the tenant. The policy is quoted based on the amount of annual rent and is equivalent to 4% of it.

What do I need as a tenant to process a Rental Bond?

What do I need as a tenant to process a Rental Bond?

To be able to process a  rental bond, the tenant must submit one of the following options:

  • Property well developed and free of encumbrance  (it will be necessary to conduct an investigation of freedom of encumbrance, the cost will depend on the location of the property).
  • Amount equivalent to 3 months of rent.

Once the guarantee is available, the tenant must gather the  documentation  requested by the bondholders and complete the corresponding forms, which will be delivered once the process has begun.

It is important to mention that in order to process a  rental bond, there must always be a contract in which the landlord requests the tenant to process the deposit, specifying the amount of the monthly rent.

Regardless of whether the property is for residential or commercial use, guaranteeing the payment of monthly rents through a bond, provides the owners with the necessary legal and legal support.

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