Renting condo questions

[teemuj]

I am about to rent my condo out. Just have a few practical questions:

1) is there any existing legal requirements regarding the rental contract?

2) in addition to contract, two months deposit, first months rent and copy of passport is there anything else that could be collected as "collateral"

3) is there insurance options to cover for damages and/or losses caused by tenant

4) how much, and how do you pay taxes on rental income

5) whom do you have to notify about tenants / rental agreement

Thanks in advance!

[ezzra]

I am ranting out few units so here are my thoughts....

1) is there any existing legal requirements regarding the rental contract?

A. apart from the usual rental contract, there isn't any,

2) in addition to contract, two months deposit, first months rent and copy of passport is there anything else that could be collected as "collateral"

A. No, not really

3) is there insurance options to cover for damages and/or losses caused by tenant

A. yes, you can buy a content insurance, will cost you B.2,500- 3,000 a year

but will not cove loss or rental income, no such coverage here in LOS

4) how much, and how do you pay taxes on rental income

A. Usually it's calculated at 10% of the net rental income, however, there are 2 schools of

thoughts, those who pay the tax and those who doesn't and the latter group are by far

larger than the former...

5) whom do you have to notify about tenants / rental agreement

A. To the juristic person office manger, as the tenant will have to pay some of the out going

to them and also to comply with the law that says that all tenants must be registered

with the relevant authorities...

[teemuj]

Ok, thanks for these! Couple of clarifications though regarding:

1) is there a usual rental contract that has to be used, or something in terms of rights and responsibilities that has to be in the rental contract by law?

4) if I was to be with the school of actual paying, to whom would I make the payment and would that be done on monthly basis or once a year. If latter, when in a year?

Cheers

[teemuj]

So nobody actually pays tax on rental income?

[casualbiker]

My wife just signed a rental contract .. the landlord got it from the land department I think

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