When leasing a property, as an owner you have several rights that must be respected and also obligations that you must fulfil.
According to Law 820 of 2003, which governs housing leases in Colombia, in its chapter III – article 8 these are the rights and duties of the landlord:
1. Receive timely payment from the tenant.
2. That the tenant make the repairs corresponding to damages or deterioration caused by him.
3. End the contract if the lessee fails to comply with the provisions of the contract (payments, sublease, etc.).
4. Terminate the contract in advance by giving three months’ notice.
5. Finalize the contract for any of the causes set forth in Chapter VII – Article 22 of Law 820 of 2003.
6. Adjust the rental fee every 12 months taking into account the CPI (Consumer Price Index) of the previous year.
Obligations of the lessor
1. Deliver the property on the date stipulated in the contract. The property must be “in good state of service, safety and health and make available the services, things or related uses and the additional agreed upon.”
2. Keep the property in good condition and carry out the necessary repairs until the end of the contract.
3. Deliver a copy of the contract with the original signatures to the tenant and the co-debtor (if applicable). For this, there is a maximum period of 10 days after having concluded the contract.
4. If the property belongs to the horizontal property regime, you must deliver a copy of the co-ownership regulations to the lessor.
5. Allow the tenant to enjoy the property.
6. Indemnify the tenant if the provisions of the contract are breached (delivery of the property, free enjoyment of the property, etc.).
7. “The other obligations established for landlords in Chapter II, Title XXVI, and Book 4 of the Civil Code.”
An additional piece of information:
Law 820 in its Chapter IV – Article 16 prohibits guarantees and deposits.
“In urban housing lease contracts, cash deposits or any other kind of real guarantees may not be required to guarantee compliance with the obligations that the lessee has assumed in accordance with said contracts.”