6 Important Items in a Lease/rent Agreement
This article does not replace professional legal consultation in your particular case. If you need legal counsel contact me here.
If you are going to lease or rent a mexican property, the best way to protect your interest is a well writen agreement prepared by a mexican attorney.
You should know that only the owner or his legal representative (holding power of attorney) have the right to rent or lease the property. Therefore, you should make sure:
1) The deed should be described in the rental/lease contract and a copy provided to you.
2) You should see the owner´s ID (and get a copy). Owner´s Name in the Id and deed must match. In Mexico, the best way to identify ourselves is with the “credencial de elector” (IFE) id or passport.
3) The owner´s representative should have power of attorney issued by a mexican notario. Apply number 2) for the representative´s id.
4) If the rent will be paid in a foreign currency, make sure to establish the exchange rate or at least the exchange guide to apply (a bank or other financial institution).
5) The owner should provide a local address and an email (if possible) to get notifications from you.
6) Make sure to agree in advance about:
a) Who is going to pay the maintenance fee (if the property is inside a community or condominium).
b) Any penalty and how it should be applied.
c) Any other payment or responsibility you should be aware of.