Real Estate Contract: Requirements for Rent a Property

If you are looking for a property to rent through a real estate agent in Puerto Rico, you may be wondering what documents and requirements you need in order to access a real estate contract.

In this article we will tell you everything, but first we think it is important to define what a Real Estate Contract is. A contract is a legal document between two or more parties and establishes the terms and conditions of a sale, rental, transfer or any other real estate transaction.

The document must be in writing since it will provide you with greater security in case of a dispute and, in addition, it must be signed by all the parties involved. When signing the contracts, the parties undertake by law to obey with what is established.

In order to enter into an agreement through a Real Estate Agent PR, 5 legally binding elements should be present, which are: an offer, an acceptance, a consideration, reciprocity of obligations and, competence and capacity.

Specifically in the case of a rental contract in Puerto Rico, you must meet the following requirements:

Documents to Rent an Apartment or House in Puerto Rico

Personal Information:

The first requirement that you must fulfill in order to sign a rental contract is to identify yourself. The owner or Realtor PR in charge of the house must know you and know who you are. In this way, you must present your identity document or passport (in case you do not have the Puerto Rico ID).

In addition, not only you must show your identification document, but also all those people who are going to share the apartment for rent with you.

If they are of legal age, their names must appear on the contract. For example, in a contract for a family with small children, only the parents will be listed as tenants. The same happens if you share the apartment with friends or a roommate, if they are of legal age, they must be included in the document.

Credit Report:

A credit report is a document that contains personal information and data about your behavior with the payment of credits. With this report, the real estate agency will be able to see if you pay your loans or credit cards on time.

This second step is essential to demonstrate that the person or entity concerned has no debts.

Probe of Income:

Finally, the owners and/or Realtor PR must verify if they are solvent and if the monthly payment for rent will be done without problems. To do this, owners usually ask for an employment contract and a payslip.

In case of not having a proof of income, the owner will decide whether to accept a guarantee and/or an additional deposit as a payment guarantee, making sure that they have a demonstrable stable work activity and that non-payment is very unlikely.

Fees and Deposits

Once the documentation has been presented and with the favorable consent of the owner to rent the property, the lease contract must be formalized.

At this point, the home owner will request a legal bond, in addition to the possibility of requesting additional guarantees if necessary.

On the other hand, you must also prevent other payments such as real estate agency fees, in case you have carried out the process through an agent, who will have previously informed you of the exact amount.

If you are about to renting an apartment in Puerto Rico and need the advice of a Realtor Puerto Rico, we are at your disposal. Not only we will help you to find the perfect place for you, but we will also guide you through all the documentation you will need.

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