The Puerto Rico Standard One (1) Year Lease Agreement is the most common form of long term Residential Lease, common enough to be considered a basic example of it. Unlike a Month to Month Lease, this kind of lease will run for a full year and cannot be terminate prematurely by either landlord or tenant without cause.
Both landlord and tenant should be exceptionally sure about the other party before signing this kind of lease. If a tenant fails to uphold the lease, the landlord may have to go through the length and often difficult process of eviction before the tenant is forced to leave. Similarly, if a tenant is forced to vacate the property early, unless the landlord has violated a habitability law, the tenant may be financially responsible for the rent until the landlord finds a new tenant.
There are advantages to this type of lease however. It provides both landlord and tenant with a sense of security, that the tenant won’t decide to leave suddenly and that the landlord won’t be able to terminate the lease without reason. Most landlords will ask the tenant to complete the Rental Application Form before signing this kind of lease.
As the most basic form of Residential Lease, a One Year Lease is governed by all of the normal laws that govern leases, which in Puerto Rico can be found in the Laws of Puerto Rico, Title 10, Chapter 49A.
- The Laws of Puerto Rico have no required landlord disclosures. However Federal Law requires that the landlord disclose the presence of any lead paint based hazards on, or around the property.