Real Estate

Intricacies of Condominium Unit Leasing

Many Filipinos today would like to enjoy the convenience, safety, recreation and easy maintenance that comes with living in a condominium. Thus Condominium unit leasing is a common option for those who are not yet ready to invest or get their own units. Young professionals starting on their career and families chose to rent condo units to enjoy the perks that come with it. However, first-time renters should know the intricacies of condo unit leasing before pushing for the contract signing.

Basically, the unit owner has full rights to the property to make sure that you are transacting with the legal owner of his duly authorized representative. Look at the contract carefully. This must itemize the initial payment, your initial rent, advance rental and the security deposit to avoid any confusion when the contract is terminated.

Be clear with the unit owner on what is covered by your monthly payments. This might be for the basic rental only or it may already cover other charges such as association dues, parking fee, and others. Ask receipts for any payments you make which is outside the monthly payments to avoid charges from the condominium management. You must also clarify all other charges that you will be accountable for such electricity, cable and internet connection and other utilities. Property taxes and others should be covered by the owner. All these should be stipulated in your contract.

If you will be renting a furnished condo unit, all items should be inventoried and endorsed properly to you. Before signing the contract, make sure that the property and the furnishings are in good condition. There must be no leaks, no broken pieces or jammed doorknobs.

Also, check if there are previous unpaid bills and fees because you may suffer the consequences if your water or electricity is disconnected when you move in. Your contract will start upon moving in or the turnover of the unit depending on what you have agreed upon with the owner. There are many other things that you can discuss with the owner before you sign the contract, such as who would pay for repairs, sub-leasing and the rules and regulations of the condominium management.

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