A few years ago, renting a property in Mexico only required the vote of confidence between the owner and the interested parties, however, the economic uncertainty and irregularities in the financial history of some people, represented a risk for landlords.
That is why, today it is necessary to process a Lease Bond, which provides legal protection to owners of real estate interested in putting them for rent.
But, what is a Rental Bond?
The Rental Bond is an instrument through which the landlord is guaranteed that the rent payment will be covered, in case the tenant fails to comply or causes damage to the property.
One of the most important benefits that this type of bond provides to landlords is the legal certainty that the surety company will respond in the event of a default, so that it is not affected.
The Rental Bond is valid for one year and its cost is established based on the amount of the monthly rent. In order to process it, it is necessary that there is a contract in place and that the person interested in renting present a solvency file where their income level is reflected. In addition, it must have an obligor in solidarity, who in turn, must have a property free of liens, which will serve as a guarantee in case of failure to pay the rent.
For those people who are interested in renting a property, whether for residential use or as a commercial space, it is necessary to have a Rental Lease, which guarantees the landlord, the payment of the rent.