QUESTIONS about the non-payment of rent

Is SEAG an insurance company?
No, SEAG is not an insurance company. It is a legal services and debt collection company. It is specialized exclusively in guaranteeing the non-payment of leases.
What would happen if my tenant does not pay ?
The owner of the house or the authorized person would have to contact us before the 25th day of that month, indicating the details of the non-payment issue.
In case of non-payment, when do I get paid by SEAG?
SEAG pays the rent on the 5th day of each month, and always monthly in arrears. For example, if you notify the non-payment before April 25th, SEAG will be responsible for paying you the rent of May on June 5th.
How many monthly payments do you cover?
Our product is an indefinite guarantee, which its name implies. We will guarantee your rent indefinitely until you recover your property. This coverage operation denominated INDEFINID GUARANTY does not have a legal nature of insurances operation, being that SEAG is not an insurance company, it is a lender of legal services and renting guaranty, so it is not supervised by the General Direction of Insurance and Pension Funds.
How long before do I have to notify a non-payment?
You have a month in arrears, which means that when you notify us of the non-payment of the rent, this will be the month that we’re going to consider as the month in arrears. In case your tenant had older delayed monthly payments, we can also claim for them. However, we are not responsible for them, since we guarantee the payment of the rent from the moment we are aware, and until your tenant leaves the property. It is important to make the non-payment notification before the 25th of the unpaid month. Otherwise, that monthly rent will not be considered as a non-payment, but it will be considered for the following month. Example: That is to say, if the owner notifies the non-payment on May 23rd, May will be stipulated as being the month in arrears. But, if we were notified on May 25th instead, June would be stipulated as the month in arrears.
What would happen if the tenant leaves before the end of the year?
In case the property gets empty before the guarantee period ends, the owner or the authorized person could notify this situation to consume the rest of the time of the guarantee with a new tenant.
How long does it take to get a response for my case study?
SEAG establishes a commitment with all its clients in order to give a firm response in less than 24 hours from the reception of the documentation –as long as this documentation is received within the office hours: Monday to Friday from 10 am to 7 pm.
What happens if my tenant pays me in cash?
The procedure is the same as in the case of direct deposits. However, SEAG will not be responsible for the rents before the notification of the issue with your tenant. It will only do it from the moment you make the notification of the incident.
What is the maximum expenditure on legal costs SEAG takes on?
SEAG, will be responsible for all legal expenses without any type of limitation.
Do you guarantee the theft of objects, furniture or appliances made by the tenant?
Thefts are not guaranteed by the benefit for acts of vandalism. If we find ourselves in that kind of situation and we attached the annex with the photographs proving the existence of that object, SEAG will guarantee the costs of the legal and not-legal complaints in order to claim compensation for the loss caused by the lessee.
What role does SEAG play in the Rental Guarantee?
SEAG, “Sociedad Española de Alquiler Garantizado S.A., is the company that issues the rental guarantees. It is also responsible for collecting the rents as well as for paying the expenses in case of non-payment by the tenant.
Is there an exemption in the guarantee of damages caused by vandalism?
No, there is not. In case of non-payment, SEAG will guarantee to cover up to 3000€ (extendable) for damages caused by vandalism, without exemptions. On the other hand, in case that a non-payment did not happen, the tenant’s deposits would be used to guarantee those damages. SEAG will guarantee the rest of the costs up to 3000€ (extendable).
Can I guarantee my store?
Yes, you can. SEAG guarantees all types of properties, houses as well as stores, offices, warehouses, garages, and plots.
Can the payer of the Guarantee be my partner or a relative?
Yes. At SEAG we differentiate between the beneficiary of the Guarantee and the payer. In most cases, the beneficiary will be the one who pays the Guarantee, but it could also be a different person such as a relative or a close friend.
How can I make sure that I have the Guarantee approved?
For you to be able to sign your rental agreement with total security, we will provide you a written document certifying that your application is approved. This document will contain your tenant’s data and the agreed rent amount. All being conditioned to the verification and veracity of the socio-economic documentation of the tenants.
How can I prove that the tenant is not paying?
For non-payment issues, it is the tenant who has to prove the payment of the monthly rent.
Which is the role of S-CAIM within the Rental Guarantee?
S-CAIM is a file for defaulting tenants and is the company committed to carrying out the credit evaluations for all the rental guarantees issued by SEAG.
What do I do if my tenant does not pay?
In the case your tenant is not paying the rent, you must notify us before the 25th of that month. So, the first month you notify us, this will be settled as the month in arrears and the payment of that monthly rent will be collected with the payment of the deposit.
What happens if my tenant declares his/her insolvency?
In SEAG's Indefinid Guarantee, it is explicitly stated that all unpaid rents would be guaranteed, and in no case would the landlord be demanded the rents before this issue. This coverage operation denominated INDEFINID GUARANTY does not have a legal nature of insurances operation, being that SEAG S.A. is not an insurance company, it is a lender of legal services and renting guaranty, so it is not supervised by the General Direction of Insurance and Pension Funds.
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