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November 18, 2021
In the past, when entering into a lease agreement, the most common practice was to do so through a verbal agreement between the property owner and the tenant (commonly known as the “renter”). In this type of agreement, the basic and minimum conditions of the relationship were determined based on custom, establishing the rights and obligations each party was expected to fulfill. This model relied heavily on trust, honesty, and the other party’s word. However, over the years, written contracts have become increasingly important, as they reaffirm and give greater legal and evidentiary value to what is agreed upon, since all terms are clearly stated in a written document. This has proven to be a solution for many people, as it allows compliance with the obligations set forth in the contract in case of disagreement.
We want to clarify the main questions that usually arise regarding this topic. For this reason, we spoke with the legal department at Alberto Álvarez, who shared some of the most important aspects with us.
Why is it important to have a written lease agreement when renting an apartment or commercial space in Medellín?
Its importance lies in the fact that this document serves as legal evidence in the event of a dispute between the parties. In other words, it prevents certain aspects from being forgotten; and if that happens, the contract can be reviewed and the clauses consulted again. A written lease agreement makes it easier to formally bind the landlord and tenant, clearly identifying and individualizing both parties.
It is highly recommended to carry out this process through a real estate agency with experience and a solid track record, one that can provide full guidance throughout the negotiation and has legal professionals who can properly draft the agreement. If working with a real estate agency is not an option, it is advisable to sign the contract before a notary to give it greater legal strength.
What types of lease agreements exist and what differentiates them?
In the real estate sector, there are generally two (2) types of lease agreements. The first is the urban residential lease agreement, which is regulated by Law 820 of 2003 and, in matters not regulated by this law, by the Colombian Civil Code. The second is the commercial lease agreement, which is primarily governed by the Colombian Commercial Code and, where not regulated, by the Civil Code.
The main difference lies in their purpose and regulation. A residential lease agreement is intended exclusively for housing a person or group of people, while a commercial lease agreement is intended for the development of an economic activity through a business establishment.
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What are the rights and obligations of the landlord and the tenant?
The landlord is obligated to deliver the property, ensure that services are available for its proper use and enjoyment, protect the tenant from disturbances, and provide a copy of the lease agreement. In our case, as a real estate agency, we also have obligations toward the property owner, such as properly managing the property and transferring the rental payment once the tenant has paid it to us. For this service, and based on the property management or mandate agreement, we are entitled to receive a percentage of the rental fee.
On the other hand, the tenant’s main obligation is to pay the agreed rental fee on time, according to the dates established in the contract. Additionally, the tenant must take proper care of the property, pay public utilities, and comply with the condominium or homeowners’ association regulations when applicable. If the property is commercial, the tenant must also use it exclusively for the purpose agreed upon in the contract and according to the economic activity to be carried out. Failure to do so may justify termination of the agreement.
What legal requirements must be met?
For urban residential leases, the landlord must comply with the requirements established in Law 820 of 2003, starting from Article 21. Some of these include:
For commercial lease agreements, the requirements are:
A notice period of no less than three (3) months prior to the expiration date. During the first or second year of the lease, no cause is required; the landlord’s will alone is sufficient.
If the tenant has operated the same business for more than two (2) years, termination by the landlord must comply with Articles 518 and 520 of the Commercial Code:
The notice period increases to six (6) months prior to expiration.
Specific causes must be stated, such as a change in the intended use of the property, the owner’s need to use it personally, or plans to demolish or renovate it. In the latter case, the landlord must offer the space back to the former tenant once the renovation is complete.
We hope this information is useful and helps clarify any doubts you may have. Our recommendation is always to carry out these processes with a knowledgeable and experienced real estate agency. Remember that written contracts benefit all parties by providing transparency and peace of mind.
Keep in mind the different types of lease agreements available in the real estate sector. You may use a residential lease agreement if you are interested in renting an apartment in El Poblado or any other area of the city or metropolitan area, and a commercial lease agreement if you are looking for a retail space or warehouse for rent in Medellín or surrounding areas.
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