The lease agreement service provided at eLexPersona.com is offered for both the owner of the property to be rented and the tenant. It is important to establish a formal lease agreement since the conditions and rules agreed on, by the owner and the tenant such as: monthly payments, use of the property, term of the agreement and the relationship with third parties, will be established and formalized herein.
Lease agreements will allow the tenant the use and enjoyment of a rented property for a designated period of time and price, which can be leased for both, residential and commercial purposes.
At eLexPersona.com we will conduct the complete process of drafting of the agreement, legalizing the same by a notary public, and registering the lease deposit in the "Banco Agrícola" as a requirement of Law 18-88.
Legal Fee: US$525
REQUIRED DOCUMENTS:
1. Copy of Cédula (Dominican ID card) or complete passport (if foreigner) of the owner.
2. Copy of Cédula (Dominican ID card) or complete passport (if foreigner) of the tenant .
3. Copy of Cédula (Dominican ID card) or complete passport (if foreigner)of the guarantor (if applicable).
Frequently Asked Questions
1-How long does it takes to draft and register a lease agreement?
It will depend on how fast the owner and tenant come to an agreement on the terms and conditions of the before mentioned and send us the signed document. From this point on our services will include the following:
- Drafting the agreement;
- Legalization of the agreement by a Notary Public if the parties are located in the Dominican Republic or by the Dominican Consulate if the parties are abroad; and,
- Registration of the lease deposit in the "Banco Agrícola".
2 -Is the payment of a lease deposit mandatory?
Yes, Dominican Law states the payment of lease deposits are required in order to guarantee monthly payments or contract breaches. If the lease lasts one year, the tenant must pay at least one month of rent; if the lease term is of one and a half years to two, the tenant must pay at least two months of rent; and if the lease term is of two and half to three years, the tenant must pay at least three months of rent.
3. If the tenant does not have a guarantor can he still lease a property? It is not mandatory for the tenant to provide a guarantor; however, it is recommended if the tenant is not economically solvent to cover expenses. The guarantor is that person who will respond in the event of payment impossibility.
4- Can the owner establish conditions on the agreement based on his needs and preferences? Yes, there are many types of lease agreements that fit the needs of the owner. The most popular are:
- Lease Agreement with Option to Purchase: the owner gives the tenant a set timeframe to purchase the property for a pre-established price. If the tenant does not purchase the property in the set timeframe, the owner will have the liberty to sell the property to a third party.
- Lease Agreement with Right of First Refusal: before selling the property to a third party, the owner must first offer the tenant the opportunity of acquiring the property.
