A few days ago, Neus Lafuente, from Moya & Emery, finished one of the periodic training sessions carried out for the staff of the FIRST MALLORCA real estate agency. In this case, the training was directed to Rentals department. An analysis was carried out of the modification of LAW 29/1994 OF NOVEMBER 24 ON URBAN LEASING (LAU) carried out on March 5, 2019, which entered into force on March 6, 2019. A modification that affects the terms and extensions of the rental contracts, the right to terminate the contract, the increase in rent because of improvements, the expenses of the parties and the bond.
Specifically, references were also made to the following aspects:
• Modification of the terms and extensions of the contracts: Currently it is 5 years in natural persons, 7 in legal persons; extendable annually for 3 more years. If the time is not stipulated in the contract, it is understood that it is 1 year, and the minimum time without compensation that the tenant is is 6 months, from there with an anticipation of 30 days he can withdraw from it;
• Rights and obligations of both parties to the rental contract.
• Of the rent, the guarantee and the deposit: their legal maximums and the differences between these concepts;
• The legally established distribution of expenses;
• The most common abusive terms that can be found in a lease contract;
• The minimum and mandatory requirements that must appear in a lease contract;
• On express evictions and the suspension of evictions until May 9, 2021 because of Coronavirus new regulations
• Taxation of rental contracts.
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