The terminology used in the real estate sector can be somewhat confusing if you are new to this field. You may be looking for a room or a flat to become independent or you may have a property and want to put it up for rent. Are you going to be a landlord or a tenant? Almost the same word, but with a totally different meaning.
Take a few minutes to read what each term means to avoid errors common in conversations and contracts. Confusing things like what it is to be the landlord and what the tenant of a property can make you look too new and perhaps some heartless person tries to take advantage of this situation.
Since there is nothing better than being prepared, we leave you the definitions of landlord and tenant so that you understand the meaning of these concepts and how they differ.
Who is to be a landlord
The lessor is the person who gives or give up somethingsuch as real estate, for lease, in exchange for an amount of money. The agreement is made through a rental contract, which is subject to the Urban Leasing Law (LAU). In the rental contract signed by the interested parties, the guarantees are reflected to avoid possible risks with the tenants.
These guarantees are usually advances or additional deposits to the monthly payment of the property. The tenant has the right to ask the tenant for at least one month’s rent as a guarantee, normally known as bail.
In addition, it is the obligation of the tenant to deposit the deposit in the Autonomous Administration or the corresponding public entity. In the event that there is no damage to the property or delays in payments, once the contract period is over, it must be returned to the tenant.
In it contract The rental period and the monthly price for renting the property are also stipulated. Remember to add the penalties in case of non-compliance with the agreed conditions, as well as the conditions of renewal or extension if the case arises.
In the rental contract, also mention the conditions of guarantee of the lease and consider whether to include non-payment insurance or any other type of insurance.
Who is the tenant
The tenant is the person whoe takes the right to use the property or property in return the payment of the monthly amount agreed with the lessor.
The lessee is the tenant, who has the obligation to keep property in the agreed conditions as it was delivered or you will risk losing the deposit.
It is highly recommended that annexed to the rental contract is added a Inventory with everything that is in the property that is rented, accompanied by photos, to avoid possible discrepancies when handing over the keys.
How to know if the landlord is the owner
The landlord is not always the person who owns the property. If you want to know who it belongs to, you can request a Simple informative note about the property in the property registry and see who is listed as its owner.
Source: Lasexta
Paul is a talented author and journalist with a passion for entertainment and general news. He currently works as a writer at the 247 News Agency, where he has established herself as a respected voice in the industry.
