I have been an owner of my condo for 10 years now in Los Angeles. I tend to go out of town for work for 6 months at a time and have sucessfully rented out my place for those short periods. Now, a couple of the other owners want to pass a rule about setting a minimum of 1year leases for those who are renting. To me this sounds absurd to say that someone can dictate how long you can or cannot rent your own place for. We are not a co-op and do not live in a co-op state so I am wondering if what they are proposing is even legal? I am afraid that this would set a bad precedent within the bldg. and limit potential buyers if they knew that there was such a restriction. Anyone have any thoughts or knowledge of this kind of rule or restriction on condos???
2006-12-25 09:02:39 · 7 answers · asked by radamidov 2 in Business & Finance ➔ Renting & Real Estate
It is not unusual for a condo to set a restriction on how many units in the building can be rented out. It is a rule to protect the interest of the condo owners. As you should know, renters do not take good care of the property and sometimes they cause trouble to other tenants. As a matter of fact, there are condos that do not allow rental at all. One good thing is that, most of these condos do have a clause that allow owners to rent out their unit under undue hardship, such as job promotion or due to financial trouble. In your case, if you are constantly required to go away for six months on your job, I can not see why you should not be allowed to rent your unit out. You should talk to your condo council and see if there is such a clause, if not your only remedy is to take the case to court.
2006-12-25 09:35:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The members of a condo association can set up any rules they want. Having a minimum of 1 yr lease to tenants are not a bad thing. It is to prevent month to month leases from occuring. In some buildings there is no leasing allowed at all. I looked into purchasing a condo in NY and they were restrictive on the pets and do not allow leasing till after 2 years of ownership. It is perfectly legal. You can rent it your condo and ask the tenant to sign a 1 yr lease and terminate after 6 months and say the tenants had to relocate and the lease was terminated. I really don't think it would affect potential buyers that they were only allowed to lease at minimum 1 yr; in reality it's a good thing.
2006-12-25 11:54:31 · answer #2 · answered by tianaramal 4 · 0⤊ 0⤋
Most condo associations have reg's about renting. It's to protect all owners. But 1 year is longer than the norm. In vacation areas such as here in Ft Myers, FL, 30 days is common. I'd try and talk with other owners and convince them that as this is a good thing to limit rentals, it is also harmful if they propose a period that long. Don't forget to check your local laws on leasing and the possibility of collecting sales tax ( as here again in FL ) on the rent collected. We have to collect sales tax on rentals with less than a 6 month lease.
2006-12-25 09:21:14 · answer #3 · answered by Papa John 6 · 1⤊ 0⤋
Unless as a group the other residents of the building set a minimum renting period, you can continue to rent out your condo legally. If, however, they decide to set a minimum renting period then you may well have to obey any restrictions that they set.
2006-12-25 09:13:33 · answer #4 · answered by Nick M 1 · 0⤊ 0⤋
you have to check with the regulations set by the HOA. people have actually lost their homes out here in Vegas for not abiding by the HOA regulations regarding that.
2006-12-25 12:03:44 · answer #5 · answered by lv_consultant 7 · 0⤊ 0⤋
Check with your Attorney...maybe you will spend few dollars...but at least you will have the right/proper answer. Every case and situation is different.
2006-12-25 09:11:14 · answer #6 · answered by nikitasgarofallou 3 · 0⤊ 0⤋
Check with your association
2006-12-25 09:10:32 · answer #7 · answered by tnbadbunny 5 · 0⤊ 0⤋