CONSIDERING that the lessor agrees to rent the property to the tenant and that the lessor is ready to rent it; One of the most common misunderstandings of housing in condos is that residents can renovate their homes as they please. Renovations are certainly not allowed, while minor modifications to rental units require the written agreement of the owner. If this is the case, such modification will remain the property of the owner after the termination of the contract. Your monthly lease agreement should include a provision for renewal or extension of the lease. The provisions indicate the period during which you indicate your intention. This can be at least five days before the expiration date. It should also expressly inform you about the methods to express your intention, z.B. by signing a new contract or renewal form, as the case may be. You can avoid headaches and unnecessary fees by including the monthly lease forms. Take the time to read the fine print and don`t hesitate to ask questions. Once you have signed, focus on the provisions of the contract.
Here are some things to know when signing a rental agreement. Early termination of a monthly contract may result in the cancellation of rent already paid. This means that you cannot recover the rest of the rent for the unused period. Early termination of the contract is also an infringement and may be subject to the penalties provided for in the provisions of the Treaty. Arguments are expensive. Whether or not your disagreements reach a court of law, stress, time, and trouble are avoidable nuances. The Philippines has extensive laws that govern the relationship between landlords and tenants. If you are not sure about a specific provision in the monthly rental form, you can consult the New Civil Code, written in accessible English. A condo in the Philippines usually offers both selling and renting options. With an increasingly large condo rental market, many are investing in the real estate sector as owners, with the intention of recouping investments by renting. For these investors, DMCI Homes offers for sale a wide range of condominiums that can be easily rented.
However, it is important that landlords and tenants exercise due diligence in reading the fine print for their mutual protection. Renting a property in the Philippines can be a bit difficult. A lessor must be concrete with the contractual conditions, otherwise tenants can remain silent on certain provisions as a defense. Take, for example, subletting where a tenant rents all or part of the premises to a third party. Essentially, there will be two agreements: one between the lessor/lessor and the tenant and the other which concerns the tenant/subtenant and the subtenant….