On the surface, renting a condominium looks pretty much the same as renting a house or apartment, except for some unique requirements as imposed by the law. Unlike typical apartments, for instance, condominiums are governed by a homeowner’s association, through which they can take care of certain changes within the condominium complex. It pays having a careful understanding of your lease, the complex’s house rules, as well as the basics of the tenancy act of the Philippines whenever getting a condo for rent in the Philippines.
The Rent Control Act of 2009 governs residential tenancy in the country. It intends to establish important reforms in the regulation of certain types of rentals, particularly residential units, and to provide the mechanisms for such and similar purposes. Below are important reminders under the Rent Control Act:
An annual increase of no more than 7 percent of the rent can be enacted. Incremental increases that exceed 7 percent of the actual rent is considered illegal, and thus can be subject for court action against lessees. When raising the issue with your landlord, make sure to have a copy of your agreement and the new law at hand to support your argument.
The Rent Control Act of 2009 covers all residential units in highly urbanized cities in NCR and beyond, with rent not exceeding P10,000every month. It however, excludes other types of rented units such as hotel rooms, motels, and rent to own properties, which involves a transfer of ownership at the end of the contract.
Tenants are not allowed to sublet or sublease a rented unit without a written consent of the rental owner. Everything must be put on paper as verbal contracts will not be honored. Subleasing a rental unit can be grounds for eviction, if not arranged properly with the unit owner. Clarify house rules about letting guests stay for the night, to ensure compliance with your condominium regulations.
Tenant eviction or ejection is prohibited on the grounds of the rental unit being sold to a third person, if the existing lease agreement states a specific rental period. New owners must respect the existing lease agreement and wait it out until they can move in/find new tenants. Other potential legal reasons for eviction may include inability to pay up to three months of rent, expiration of the lease agreement, subleasing without consent or approval, repairs, as well as repossession of the rental by the owner.
About The Company:
Housal Inc. is a real estate brokerage firm based in West Bonifacio Global City, Taguig, Philippines. Their offer brokerage services to investors, property owners, and even landlords who are willing to invest in the real estate sector in the Philippines. They are in partnership with some of the best real estate developers in the Philippines like Century Properties Group, Megaworld, Rockwell Land, Ayala Land, Ayala Land Premier, Robinsons Land, Federal Land, Avida Land, Alveo Land and DMCI.
