Wednesday, December 10, 2014

LEASE VS. RENT

WHAT IS A LEASE

LEASE is a contract that creates the relationship of landlord and tenant. A contractually binding agreement that grants a right to exclusive possession or use of property, usually in return for a periodic payment called rent. (Encyclopedia of Real Estate Terms 2nd Edition, Damien Abbott)

Thus, Leasing means obtaining the physical and partial economic use of a property for a specified period without obtaining an ownership interest.

Lessee The person renting or leasing the property,  also known as a tenant.
Lessor The person who rents or leases a property to another, Also known as a landlord.

WHAT IS A RENT
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RENT or Renting is an agreement where a payment is made for the temporary use of a good or property- in real estate, owned by another person or company. It is flexible, short term, pre-determined and terms can be changed. Agreement is also binding, in oral, but sensible if done in writing, can be cancelled anytime (but of course based on prior agreement between the lessor and lessee, and base on the Rental law of the Philippines).

Republic Act No. 9653 - AN ACT ESTABLISHING REFORMS IN THE REGULATION OF RENT OF CERTAIN RESIDENTIAL   UNITS, PROVIDING   THE   MECHANISMS   THEREFOR   AND FOR OTHER PURPOSES.
Sec.  4.  Subleasing or Assignment of Lease. — Subleasing or assignment of lease of the whole or any portion of the residential unit without the written consent of the owner lessor is prohibited. In no case shall the sublessor or assignor charge rentals higher than the rental charged on the property by the owner lessor: Provided, That if the subleased or assigned area in less than the total area originally leased, the rental shall be proportionately reduced.

You may wish to Download a copy of the Rent Control Act of 2009 otherwise known as the R.A.9653. If your situation doesn't fall under this act, you may always want to go and check the Philippine Civil Rights.

REFERENCE:
  1. REALTORS Commercial Alliance: Commercial Real Estate Terms
  2. http://www.congress.gov.ph/download/ra_14/RA09653.pdf
  3. http://www.gov.ph/downloads/1949/06jun/19490618-RA-0386-JPL.pdf





Monday, December 8, 2014

SOUTHFORBES....WORLD CLASS BOUTIQUE

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South Forbes is the only township with the widest variety of upscale house & lot options set amidst generous greens and open spaces. It also features residential and commercial units ready for construction/ occupancy. The development showcases an 18-hole golf course amenity. South Forbes has a portfolio of projects catering to the affordable, mid and hi-end markets, with monthly
household incomes of at least PhP150,000. They live fast-paced lives with modern comforts & conveniences and at the same time they spend quality time with their families. They value convenience, timeliness and quality. South Forbes offers best value projects with savings of at least 20% within its class.

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CONTACT:
Girlie Botor-Vea
Cathay Land Accredited Licensed Real Estate Broker
Viber / Globe: (+63) 9155273792
Smart: (+63) 9996843906
Email: girliebvea@gmail.com
Website: www.kelseynco.blogspot.com
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