TERMS OF SERVICE FOR PROPERTY MANAGEMENT SERVICES (VERTICAL)

Management and control of monthly rent collection

Generation of rental receipts and collection of rental income into Gestingral’s bank account. On a monthly basis, the differences between rental income received and rental-related expenses are settled (including, among others, repairs carried out, taxes and fees, property management fees, etc.), providing a monthly settlement report and transferring the remaining amount to the account indicated by the owner.

Debt control and delinquency management

Control of returned monthly payments and/or non-payment of the property’s monthly rent. The owner will be notified monthly of any outstanding arrears, both those included in the current settlement period and those from previous periods.

This includes claims for non-payment to the tenant by email, telephone and/or WhatsApp. Legal and/or judicial claims, including the sending of a burofax or the initiation of legal proceedings for debt recovery or eviction, are not included.

Control of the rental contract

Management of the rental contract, including monitoring expiry dates for renewals or terminations. This also includes updates to rental income resulting from agreed increases, such as CPI revisions in accordance with the contract, updates to waste collection charges and/or the allocation of expenses such as ordinary and extraordinary homeowners’ association fees, property tax (IBI), utility expenses, etc.

Advice and relationship with the tenant

General advice related to unforeseen situations and/or disputes with the tenant, provided that such actions do not involve the initiation of legal or judicial proceedings. This includes advice, analysis and/or interpretation of specific clauses in the rental agreement to assess possible solutions to certain situations.

Legal advice is not included.

Homeowners’ association meetings and owners’ meetings

This includes attendance and representation at homeowners’ association meetings and meetings convened by the owners’ association. Regular information is provided regarding matters discussed during the meetings, and advice is included on decisions and voting matters that may arise.

Repairs and incidents

Repair management includes contacting the appropriate specialists to address any incident that may arise, as well as requesting quotations to obtain cost estimates for the necessary repairs.

This process also includes detailed monitoring of the progress and quality of the solutions implemented, together with the management and follow-up of any breakdowns or incidents that may occur. The ultimate goal is to ensure a timely and appropriate resolution to each issue, thereby maximising effectiveness in incident management.

Insurance

This includes reviewing home insurance policies for the managed properties and offering one or more alternative options with coverage appropriate to each situation.

It also includes the possibility of arranging rental default insurance to cover situations where the tenant fails to pay one or more monthly rental payments.