What documents are needed to rent a luxury property?

Which documents are needed?

Once you have made the decision to rent out your property, it is advisable to have all the documents related to your ownership of the property prepared, also, a rental agreement and an acceptance protocol to it. This includes documents proving your identity, in addition to your representative authority.

By having the documents prepared by you, you are giving the prospective tenant an indication that you are willing to make the process of renting your home as easy as possible. This advance preparation would also lead to gaining more positives as well as the tenant trusting you to keep everything legal, well worded, described and in order.

Identification documents

The deed is the primary document that certifies ownership of real estate. It can be issued on the basis of documentary evidence or by means of a verification of circumstances, and a notary must check the authenticity and legality of the documents presented before issuing the deed.

The sketch of the land property, respectively the scheme of the independent object in the building - apartment or other, is issued by the Agency of Geodesy, Cartography and Cadastre. It is necessary for the identification of the property and contains information on the construction, purpose, area and address.

The tax valuation certificate is a mandatory document for the notarial transfer of the property in the name of the new owner. It is issued by the tax office of the municipality and contains the property valuation on which the notarial fees, the local tax and the transaction registration fee are charged. The tax assessment of the property must list all the co-owners of the property and they must not have outstanding debts relating to the property, for example unpaid taxes or garbage fees.

Rental contract

Undoubtedly, one of the most important factors in choosing a rental property is the terms and conditions written into the Contract and the relationship with the landlord. It is important that all the details such as the period of letting, the amount of monthly rent and how it is to be paid, the amount of the deposit. and also the rights and obligations of both parties to the contract are detailed in good time.

Additional clauses would also be useful to clarify who is obliged to cover the cost of repairs and what the owner's requirements are for keeping pets, for example.

An integral part of the Rental Agreement is the Protocol, which describes the condition of the property at the time of rental, the available furniture, equipment, belongings, appliances, facilities and meter readings for electricity, heating, water, gas, etc. The report shall be signed by the landlord and the tenant and shall serve as an inventory tool upon termination of the lease.

For greater certainty, it is advisable to use the services of a professional real estate agent who is experienced in drafting comprehensive lease documentation and will be able to protect the rights and interests of both parties to the best of their ability.

References, if requested in advance by the prospective landlord

Numerous disputes of various kinds can arise between a tenant and a landlord, usually arising from outstanding bills such as those for electricity, heating, water, furnishings and property renovation.

In 2019, real estate agencies are starting to introduce a Western model in residential rentals, namely landlords requiring references from prospective tenants from previous landlords. In this way, the owners of the rented property guarantee themselves greater security, and the prospective tenants stand out from other competitors. This type of third-party guarantee is not legally enforced, but still helps establish trust and a sense of security and peace of mind.

Financial Verification

The certificate of encumbrances shows whether there are any mortgages, foreclosures or other encumbrances recorded on the property. This document is issued by the Registry Agency and is required in a property transaction. A quick check can also be made in the electronic property register, with the advantage that it can be done immediately before the transaction.

Encumbrances refer to rights that third parties may claim against the specific property subject to the transaction, such claims being detrimental to the tenant's interests, which is why they often require such a document to be attached to the transaction documentation. These can be co-owners, former spouses, heirs as well as mortgages or foreclosures.

How to choose the right luxury property to rent?

Expensive and luxury homes have some specific characteristics that make them different from the rest. First and foremost is the location of the property, followed by the amenities, number of rooms and the view. It is these elements that play a key role in determining the value of the property, and therefore the monthly rent you can charge your prospective tenants. Keep in mind that luxury furnishings and décor raise the value of the monthly rent significantly. The same goes for proximity to key sites, and if the apartment is located in an upscale neighborhood.

Why choose to work with a real estate agent when looking for a home to rent?

Before you take any action towards preparing to rent a property, you need to decide whether you intend to go it alone, or whether you prefer to choose an agency to assist you in the overall process.

In working with a real estate company, you will certainly find a number of advantages, but of course, the choice is entirely yours. If you are still in doubt about what the right approach is and what will be most beneficial for you, then you should keep in mind some advantages of working with an agency. Consultants know the real estate market in depth, have an established working approach and know how to organize the search for suitable tenants, which will noticeably speed up the conclusion of a rental agreement. They will also undertake to manage the letting stages, leaving you with the sole responsibility of monitoring and controlling the activity.

Keep in mind that if you decide to go it alone in the search and selection of tenants, you will have limited access to clients. Real estate agencies have an extensive database of clients. As such, they can be useful for people looking to rent or buy a home, as well as owners looking to let their property or make a sale.

The possibility of making a mistake when completing the paperwork and entering into an unfavourable transaction increases if you do not know the laws well and are not fully aware of your rights and obligations. On the other hand, a real estate consultant is competent in these matters and will take care of all the paperwork surrounding the transaction.

Furthermore, it is of great importance that you will be able to rely on comprehensive services, including the creation of the listing, the preparation of photos and video, three de visuals and the distribution of the offer in the right channels for renting and renting a luxury property.

Choosing a professional real estate agency can be an extremely time-consuming task as there are many agencies on the market, which usually makes the choice even more difficult and chaotic. One thing is for sure, whether you are in search of your new luxury home, trying to find reliable tenants for your property, or looking to sell your real estate, it is important to know how to make the right decisions in selecting a real estate agency to collaborate with on your upcoming challenge.

Consulting with a real estate professional will ensure you have peace of mind that you will go through all the steps without any problems. By choosing to trust the services of a professional consultant, you will save yourself a serious portion of both the duties and responsibilities and the worries that every client faces.

For 17 years, Unique Estates consultants have earned and maintained the trust of our clients with an unwavering commitment to service of the highest level, expertise and integrity. Our values drive our team's principles of conduct towards our clients and partners. We are resilient as a team and know that tomorrow brings change. With our professionalism and expertise, we have the ability to adapt to changes in the market and to you, because we are flexible and know well the pursuit of self-improvement. 

Unique Estates has an extensive database of over 70,000 potential clients, many of whom have chosen the agency through recommendation. The company's portfolio is extremely rich, with properties that meet international standards of luxury and satisfy the most refined tastes of our clients.

If you are looking for your dream new home, want to invest or want to realise a property, contact us. Our team is on hand to assist you with any luxury real estate matters and advise you in the best way to protect your interests.