Realty By JM

Salt and Light of Philippine Realty

Lease in General (part 1)

“In the lease of things, one of the parties binds himself to give to another the enjoyment or use of a thing for a price certain, and for a period which may be definite or indefinite.” (p. 373 Real Property: Ownership, Registration, Development, Contracts, and Taxation by Atty. Victorino C. Mamalateo & Atty. Mary Joy B. Mamalateo-Jusay)

In the lease of Real Estate Property, the Lessor binds himself to give to the Lessee the enjoyment of the said property for a rental fee, and for a definite duration.  Notice, I did not include indefinite?  This is because in actual practice a Lessor and a Lessee will agree on a definite lease term.  In the Philippines, the norm is one year lease term agreement.  Needless to say, that the rental fee depends on the property and its location.

So, if you rent a condominium unit for example, the owner of that unit just gave you his right to enjoy the use of the said unit and the amenities included in the development until your lease agreement expires.  Always keep this lease agreement nearby because it is your proof that you are entitled to the Lessor’s benefits of ownership.

If you are a broker or an agent you may read more about Article 1643, Civil Code of the Philippines on the links below. 

I wonder tho… If a lessor gave his right to enjoy or use his condominium unit, does this mean he cannot use the condo’s amenities until the contract of lease expires?  What do you think?

Non-payment of rent is a ground for ejection


Filed under: Real Estate Broker, , , ,

Please share your thoughts

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: