Practical advice on acquiring fiadores and fianzas
By Maya Harris Original Print Publication: April, 2007
So you’ve arrived charm and good luck have managed to snag a property-owning friend who is willing to act as a guarantor for the dream apartment you’ve found. Congratulations, you’ve got a fiador!
Renting with a fiador on your side is relatively straightforward. A personal fiador is someone who holds an escritura, or real estate title, and who posts their property as a guaranty that you will not default on the rent. They also agree to assume responsibility for the lease in the event of nonpayment. The legal representative of a sponsoring company or embassy can also act as fiador.
A standard rental contract generally includes a line for the renter, landlord and fiador to sign. Sometimes landlords can be convinced to accept a goodfaith signature of a “poder” instead of an actual fiador. Exceptions like these are usually only made for large multinational corporations or embassies.
Beyond signing the contract, a fiador will have to provide official identification, a copy of the escritura, and a proof of payment of property taxes (ultimo predial pagado). The landlord will then confirm the title is registered in the public records. Once cleared, the rental contract can be signed.
Unfortunately, many rental properties slip out of their hands because a renter can’t find a personal guarantor. Some landlords prefer and only accept fiadores either for safety, ease or because they want to keep the process private and in that way avoid registering the rental property and paying corresponding taxes.