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Saturday, June 16, 2007
Pueblo Precioso
Parcela
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Hi,
Could anybody out there help? Just need to know how we stand legally when renting a property out long term? Do we need a contract drawn up by a solicitor? Are there any other 'hidden' catches we need to know about?
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16 Jun 2007 10:40 AM
patpur
Adosado
I'm in Castle Bromwich Birmingham/Almoradi and formentera del segura south costa blanca
I've made 316 posts
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Hi Pueblo simple answer yes get a contract drawn up, no longer than 11months other wise you will find out the hard way about the hidden catches,ie tenants rights etc,there a few on here l am sure can tell you more.Regards Pat.
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16 Jun 2007 10:57 AM
Pueblo Precioso
Parcela
I've made 4 posts
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Hi Pat,
Many thanks for that, I'm afraid we are a bit 'green' any information and advice from other members would be gratefully accepted...any ideas if it's an expensive business getting a contract drawn up?
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16 Jun 2007 12:59 PM
miket
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I'm in La Mareina, Elviria
I've made 301 posts
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Hi Puebo,
There are a number of things to consider when you rent out a property on a long term let in Spain.
Once you or your agent has found a suitable tenant and drawn up an 11 month contract you will still be responsible for; Insuring the property and it's contents. Normally, you would also be responsible for Paying over any Community Fees and Property and Income Taxes etc. Take some time to calculate all of your likely costs to work out your "True" net income?
There is also some uncertainty about the existing tenants legal rights should the same person take on a new contract immediately after the first one's been completed? I understand it can still prove to be very difficult to remove a problem tenant in these circumstances! Spanish law err's on the side of the tenant and I would recommend taking some independant legal advice before doing this has a number of owners have been caught out and have had to take lengthy court action to recover their property!!
In reality Pat, most people don't have too many problems renting out their property but as with everything in Spain, the more you learn now the less you may lose later.............
Good Luck
This message was last edited by miket on 6/16/2007.
This message was last edited by miket on 6/16/2007.
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16 Jun 2007 1:21 PM
Pitby
Villa
I'm in Dubai and Duquesa
I've made 1036 posts
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Hi Pueblo
Maybe you'll find more info under the following links, in the Renting your Property discussion board.
For long term rental: www.eyeonspain.com/Secure/ForumThreads.aspx
For short term rental: www.eyeonspain.com/Secure/ForumThreads.aspx
(Hope they work!)
The Forum Help thread is really for help regarding technical/function stuff about the forum, eg posting pics in messages, etc., stuff like that. Take a look at the Renting your Property board (scroll down once your on the Message Boards page and you'll see the section.
Good luck!
This message was last edited by Pitby on 6/16/2007.
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