SANTO DOMINGO- When advising a client to rent a property, make sure the contract is tailor-made, including all the necessary details and clauses to protect the property and your work as a broker.
Attorney Elizabeth Silver suggests preparing the document with the guidance of a legal professional who can take into account the necessary details and requirements to avoid future misunderstandings, so that any claim can be made based on the text.
“In any legal proceeding, judges adhere strictly to the terms of the contract. If you are advising a client about a rental agreement, let the lawyer, who is an expert in the field, handle it, so that you do not bear the consequences that could arise from a breach of contract by either party.”.
Silver was the first speaker of the evening at the fourth CBR 02 certification course, which is being held this week by the Association of Real Estate Agents and Companies (AEI). The course is aimed at real estate brokers new to the field, as well as those who wish to expand their knowledge of the industry. The sessions are being held virtually.
The expert, with around 30 years linked to the sector, recommends that agents request the consent of clients interested in the property before proceeding to review their credit history.
He suggested including a clause in the contract that allows the owner or their representative to have annual access to the property to check its physical condition and identify any damage to the property.
Regarding the joint and several guarantor, he requests that the concept be included as such, given the difference between a joint and several guarantor and an ordinary guarantor. “The civil code establishes that an ordinary guarantor is not obligated to pay; they only have to do so if the tenant is unable to pay. In contrast, a joint and several guarantor can be charged under the same terms as the tenant.”.
In cases involving foreigners who cannot provide a guarantor, it must be ensured that the guarantor is solvent. “Concessions are permitted, such as paying six months in advance and renewing for six more payments when the loan expires.”.
“Never tell a tenant not to pay, keep collecting their rent even if you're not going to renew the contract, because then they'll stay in the house and not pay either,” the professional points out.
If it is a residence, it is advisable to notify them two or three months in advance that you will not be renewing the contract; in the case of a business, give them six months' notice due to the implications involved when it is a business.
In the second session, Iván Guerrero presented on the topic of "Real Estate Marketing," in which he guided the participants on promotional tools.
