Many new Landlords with Mexico Real Estate rentals are unsure what their lease agreement (Contrato de Arrendamiento) really says and if they are truly protected. As with any Mexico legal document, the lease agreement is binding and should be reviewed by all parties carefully.
You will see from my other posts written about rental properties, click here Mexico Real Estate blog, it is important to get correct Mexican legal counsel when working with agreements and contracts Executed leases should be in Spanish with a complimetary English version available.
Key Points on a Mexico Lease Agreement:
- Names of all parties to the lease
- Lease dates
- Rental amount
- Location in which rent is to be paid
- Rent due date
- Late charges
- Security deposit amount
- How maintenance and repairs are to be handled
- Move out notice requirements
- Details about Landlord access to the property
- Utilities and Services
- Condition of the property
- Rules and regulations
- Pets
- Landlord remedies
Although many Mexico Managment Companies use different leases, some are drafted by an Attorney or Notario. Whatever version you or your Property Manager uses, make sure that you have a complete understanding of the document and how it will legally affect you and your Tenant.
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Thomas Lloyd, graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. Mexico Real Estate Degree & Professional Identificacion Number S.E.P. #5978657. He is the current president of TOPmexicorealestate
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