Does Landlord Expenses Cover Tenant Damage?
Whenever you rent an apartment or rent a property for yourself, there must be a contract that stipulates the responsibilities of each of the parties, because there the foundations of a healthy coexistence are implied.
As a future landlord or tenant, you should know what your obligations are when paying the expenses of the property.
What Expenses Does The Landlord Cover And What Does The Tenant Cover? Read on to find out!
- Insurance Expenses
Landlord’s insurance is a policy that includes two different types of coverage: property protection and liability. Both coverage’s are intended to protect the landlord, the home, and the equipment on the site to help maintain it; The liability portion can help you pay someone else’s medical bills and your legal expenses if someone else, such as your tenant, is injured on your property and you are held liable.
There are some things that the insurance generally does not cover, such as maintenance and breakdowns of equipment inside the home, such as the oven or the dishwasher, it does not take care of the personal possessions of your tenant neither does it have coverage in your tenant in case of sharing the home, unless you want to add with your insurer.
The tenant has the right to ask the landlord to repair all those elements necessary to keep the house in the conditions established at the signing of the contract.
The concept of habitability is not defined, so it is understood as the fulfillment of minimum conditions, such as comfort, health and hygiene; here come the small repairs derived from daily use in taps, locks, cisterns, windows, pipes, floors, etc.
- Community expenses
These expenses are those related to the maintenance of common areas and the correct operation of general supplies.
It is a fee that is assigned to each homeowner, so it is the tenant who must take care of it. However, an agreement can be made with the tenant so that he takes care of the expense and attend community meetings; Of course, the payment is reflected in the rental contract so there is no confusion.
Payments can be monthly, bi-monthly or semi-annual; and may or may not be included in your rent depending on your contract. And, when you rent a property, you are also renting the services
This is where the expenses for supplies come in:
- Property damage caused by him or his visitors
Although, the landlord has the obligation to carry out the necessary repairs to keep the house in the conditions for the agreed use, if it is shown that the damage is due to the misuse of the tenant, the payment of the repair passes to the tenant.
It is important to bear in mind that minor operating contingencies, such as changing shower keys or light bulbs, correspond to the tenant.
- Property Transfer Tax
From the acronym ITP, it is a tax that must be paid to the Treasury when real estate or real estate purchase and sale transactions are carried out. It is not an annual or quarterly tax, nor does it have a temporary nature, but is defined based on a percentage of the real price of the goods or property acquired.
Although it seems that the landlord, the owner of the property, is the one who must pay the tax, the obligation to pay it rests with the tenant. The payment can be made within 30 business days after the formalization of the contract.
It is very important to read and understand the entire contract before signing it, as it will determine the relationship between landlord and tenant.
Most rental contracts are governed by the same principles, so you should not have problems if you want to rent several homes at the same time.
The best rental properties are located in the best areas of the city.