Landlord and tenant

There is a vital difference between the terms landlord and tenant . Mainly, while the landlord  is the owner of either part or the whole of the property or field, the tenant is who takes charge of the lease or rental of the property for a specified time through a contract. These differences are important to know when a person must sign a lease.

What is a landlord:

A landlord is the owner of a property who through a contract transfers the temporary enjoyment of it to another person. In other words, he is the owner of the property that he offers for lease.

Obligations and rights of a landlord

The landlord as well as the tenant has certain rights but also obligations. We go on to list some of them:

Rights:

• You have the right to collect in a timely manner what is established by contract.
• In case it is stipulated by contract, you have the right to collect for the damages that the tenant may cause to the property.
• You have the right to cancel the contract in case the tenant violates any of the clauses.

Obligations:

• You must keep the leased property and services in good condition and functioning.
• You must assign the property for the established time.

What is a tenant:

The tenant is the person who pays a rent or lease for the use of a property. The rules are set by means of a contract that the tenant must fulfill in the payment in the stipulated time.

Obligations and rights of a tenant

Just as the landlord has certain obligations and rights, the tenant also has them.

Rights:

• The lessee has the right to enjoy the property that he leased in the time stipulated in the contract.
• You also have the right to demand the conditions of the contract and the necessary repairs.

Obligations:

• Pay the lease in the times specified in the contract.
• Allow the lessor to periodically review the conditions of the property.
• Do not modify the leased property and do not destroy it.
• Deliver the property under the established conditions.

What is leasing:

Leasing or renting a property is when a tenant assumes the temporary use of a field or property. By means of a contract, you define with the lessor the payment and form of payment of that lease. In this way, the lessee acquires the right to be able to use the property for the period specified in the contract as long as it complies with the payments.

Lease example

Martín owns an apartment in a seaside resort and decides to rent it out to potential tourists on vacation. In this case, Martín is the landlord of the property. Isabela decides to rent an apartment in a seaside resort and decides to rent Martin’s apartment. Isabela is the tenant of Martin’s apartment.

Leasing contract

A lease is a contract that is made between the landlord and the tenant. By means of this contract, the lessor agrees to assign the use of a certain asset to a lessee who must pay a lease or rent for a specified time that appears in said contract.

The lease can be a vehicle, a house, a field, a fifth, etc. The contract specifies whether it will be rented by day, week, month, year or other periods. In general, a car, for example, is rented by the hour or day, while a house or a field is generally longer. Based on the time that is leased, the conditions of payment and use will be different. Everything must be established in the lease.

In the event of breach of the contract by both parties, it may lead to the contract being terminated. Many times it is specified in it what the tenant must take charge in case of damage to the property. It is also feasible that insurance is included in the same lease , obviously at an additional cost to cover this type of situation.