Iván Cervera, vice president of the Mexican Association of Real Estate Professionals (AMPI) in Mérida, called on the owners of summer properties to be aware of the risks of renting a property without contracts.
The businessman revealed that due to the increased demand for house rentals during the vacation season, especially in the Yucatecan coast, it is necessary for landlords to understand the risks of renting a property without a contract.
If proper legal measures, such as using a contract, are not taken, the property may be used for illicit activities, posing a risk to the owners. If a tenant commits a crime, the property could be subject to the “Ley de Extinción de Dominio” (Law of Domain Extinction), which allows authorities to seize property linked to a crime, resulting in the loss of the property for the owner.
In this regard, he recommended that property owners use formal contracts that specify the specific purposes of the rental and the responsibilities of the parties involved.
Among the recommendations made by the vice president of the Mexican Association of Real Estate Professionals (AMPI), was that property owners should seek real estate advice when renting their homes during the summer vacation period.
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