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New Lease agreement law in Colombia

During the last months the world and our customs have changed the way we relate and interact with others; however this has allowed us to be more aware of what is happening around us. Therefor it is important to consult reliable sources that will keeps us up to date with all the regulations the Colombian national government has decreed during the health emergency.

Among the many dispositions the Colombian national government has been announcing, we must take into account those related to the real estate market, which has had to adapt to the changes generated by the social distancing, thus, DECREE 579 of April 15th 2020, states some parameters that we must bear in mind when it comes to negotiating our lease Agreements.

Furthermore, it is very important to know that in order to obtain the government’s benefits, the parties may reach a mutual agreement, yet in the event that the Lessee is unable to make the rent payment during the period between April 15th and June 30th, 2020, the interest rate will not be charge, nevertheless if the parties do not reach a mutual agreement, the Lessee must pay the rent caused, thus adding the current interest rate equivalent to 50% of the Current Bank Interest Rate.

In addition, lease agreements that are about to expire the DECREE 579 indicates that the annual readjustment was deferred from the issuance of the DECREE until June 30th, 2020, so the increment may apply after the termination of this period, if not state otherwise by the Colombian national government.

It is important to highlight that any mutual agreement between the parties, this must be in writing by means of a formal letter, annex or in its defect a communication by email.

On the other hand, we want to let you know that when renting, it must be taking into account that the property should be visited only when necessary, resorting in the first instance to virtual visits as possible. Albeit, if the visit must be made, the property must go through a cleaning and disinfection process or make a visit to each property at least every three (3) hours and follow the biosecurity protocols established by the Colombia national government and the building management.

Lastly but not the least, process like receipt of information, lease contracts elaboration, document legalization or any forms must be sent digitally to avoid physical contact as much as possible. Plus, the property key’s delivery must be disinfected and stored in a sealed envelope.

We hope this information is very useful. Keep in mind any sudden change will be informed through our official site and social media or if you further assistance, please contact us here.

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LARM, your home everywhere.

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