In order to be successful in the investment of a rental project, all threats must be analyzed and how to counter them. A rental agreement is a very powerful tool, which defines the rights and duties of both the lessor and the lessee. This is why it is important to know what are the important details that should be placed in a rental contract.

It is important to know that the General Law of urban and suburban leases defines these rights and duties of both parties. One of the important points in this law is the minimum term of residential rent, which is a term of 3 years. It also establishes the conditions under which this period can be terminated in advance, such as a deterioration of the home or expropriation of the property. Likewise, he explains that the notification of the end of the rental must be made 3 months before the end of the contract.

Important data

• Personal data of both parties: Age, marital status and among others.
• Property Details: Registration of the property in the National Registry.
• Payment: Agreed amount, currency in which the payment will be made and method of payment (in advance or per due period) and the value of the increases. If a security deposit and the amount are required.
• Term of the contract.
• Addresses where both parties can be notified.

Regarding the price

The general law of urban and suburban leases does not limit a maximum value of the cost of quota, more so than that of the increases. The tax on the increases is restricted according to the currency in which the payments of the installments are made. The law dictates that, if the fee must be paid in foreign currency, the agreed price will maintain its value until it expires in contract. On the contrary, leases agreed in colones may be adjusted annually with respect to the accumulated inflation rate of the 12 months prior to the date of application of the increase.

The general law of urban and suburban leases does not limit a maximum value of the cost of quota, more so than that of the increases. The tax on the increases is restricted according to the currency in which the payments of the installments are made. The law dictates that, if the fee must be paid in foreign currency, the agreed price will maintain its value until  the contract expires. On the contrary, leases agreed in colones may be adjusted annually with respect to the accumulated inflation rate of the 12 months prior to the date of application of the increase.

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