Sunday, December 10, 2023

Rent: Is it possible for the tenant to keep the property by living there for many years? | Living | My finances

Real estate in Colombia is one of the investments that Colombians most resort to to generate income, whether in local or private companies.

In general, rental agreements usually extend for years, depending on the contractual relationship between the tenant and the tenant.

(The “microhouses” with which they want to solve the lives of the homeless).

Given this situation, an urban myth is coming to light in the country that if a person stays in a property for a certain period of time, there is a possibility that he will end up retaining the property.

Against this background, the Colombian Civil Code states in Article 1973 that a rental agreement is a contract between “two parties, one of whom is mutually obliged to grant the enjoyment of a thing or to carry out a work or to provide a service, and the others pay a certain price for this enjoyment, this work or this service”.

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(Cities in Colombia where property prices have increased the most).

The only requirement for a tenant to be able to take ownership of a property under the Colombian legal framework is verification and proof of public ownership, as well as proof that the ownership has been developed in a peaceful manner and that it has been continuous for 10 years took place years ago. , the time established by law.

However, for some tenants, proving this situation would be difficult because at the time of signing the rental agreement with the landlord they acknowledge that the house does not belong to them and they would be living as tenants.

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(The agreements that the owner of a rental house must make).

Therefore, the tenant would not occupy the property as owner, resulting in non-compliance with the requirement set out in the Civil Code.

Further evidence that the tenant does not own the property is the payments they have made for the monthly rent.

(How can you invest in real estate and not lose money?).

If the rental agreement was verbal, the tenant can ignore it and claim ownership.

According to this logic, the tenant must prove through invoices, receipts and witnesses that the people only lived in the house and that they do not have ownership rights to it.

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Nation World News Desk
Nation World News Desk
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