Guide for owners
What is the security bond?
What the security bond guarantees and what you need to do as an owner to request your property back.
What is a security bond?
It's a guarantee in favor of the tenant.
What does it guarantee?
That the stated reason for requesting the property back is genuine — that is, that it's not being used to raise the rent or because you're unhappy with the tenant.
How is it obtained?
It's arranged through an insurance company (Kustodio – Seguros del Estado).
What's required?
You must open a CDT (term deposit) for the value of six (6) months of the current rent. The CDT is held in the tenant's favor; the insurer keeps the certificate.
Why is this required?
The law requires us, as a company, to guarantee that the stated reason for the request is fulfilled.
When is it returned?
Six (6) months after the property hand-over, the insurer returns the funds.
How do I request my property back?
What you need to do:
Notice period
As the owner, you must notify the agency four (4) months before the contract's end date.
Grounds
That is, the reason: Law 820 of 2003 allows only three.
- Personal use: You need the property to live in it yourself.
- Repairs: Repairs significant enough that the property can't stay occupied. Example: replacing bathroom or kitchen flooring, etc.
- Sale: You must already have a purchase agreement in place, not just the intent to sell.
Security bond certificate
Once these requirements are met, Alnago sends the property request letter and the tenant is required to hand it over.
Questions about your property's security bond?
Message us and we'll help with any question about the property request process.