condo rental rules

Jaesee:

1. read the relevant terms of your HOA declaration in its offering plan
2. do not buy unless you will be able to sublet on reasonable terms
3. while condos generally dont exercise their rights of 1st refusal
4. they can delay sublets for months by requesting additional papwerwork
5. and until long after most tenants has moved on

Hi Jaesee,

I recently looked at a condo and checked the sublet rules and found out that the fees to rent out the apartment were very high. So, you must read all the details regarding sublet approvals and fees. Although it is usually easier to sublet condos (as compared to coops) in NYC, not all condos have the same rules. So, you must read it carefully.

rb: That's right. The board can delay "reviewing the package", as they call the paperwork.
They can then say that "the managing agent didn't send it to them/delayed sending it to them..."

And they can charge "review" costs, move-in fees, security deposit fees for possible move-in damages, etc. etc/

Condo rental do not need approval, but the owner needs to get a "Right of First refusal" wavier. In 20 years, I have never seen this exerciced by the Condo members. Co-Op needs an approval after they interview the prospetive future tenant.

ph41: Oh yes, and those move-in/move-out fees are non-refundable (even if nothing is broken during the moving).

thanks everybody!

rb:
1. there's no HOA declaration. we're trying to have our attorney get in touch with board members on what their rental policy is.
2. they have 10 days to either accept my prospective renter or condo will lease the place from me at same terms.
3. that's what I thought, bc it takes so much more work on their end. One would think it's alot easier to just approve of a good tenant.
4. delay for months?! whoa! I'll have to reread that section on additional paperwork, and make sure it's just the 10 days.
5. is it the norm at your rental places for prospective renters to have to wait 2 weeks for approval?

everybody else: thanks! I will get at my attorney to get me those sublet rules/fees if any exist.

"within 10 days of receipt of notice and other information reasonably requested by the board"

I guess technically they CAN reasonably ask for this and that piecemeal. OTOH, selling and subleting rules are the same. So, why would any sane board do this to a good prospective tenant when every owner in that place will have to sell SOMETIME?

ja es ee: Not all boards are sane. Some are just a group of power-hungry individuals who are empowered by their postion on their building's board.
In my experience: The board members are not amongst those other owners, and have no intention of selling sometime. They get special services in the building.
In my building, the only way the board members leave; is in an emergency ambulance on the way to the hospital/morgue.

managing agents like to milk their buildings sometimes by charging application fees for vetting potential renters, then the board can approve the package, or not.

"Oh yes, and those move-in/move-out fees are non-refundable (even if nothing is broken during the moving)."

what kind of crappy mgmt do you have??

Owner of condos on W 72 St here.

Sublet fee: 1.5 x monthly rent
Credit Check fee: $75 (for a freakin' credit check???)
Application fee: $350 or $550 (I don't want to remember, neither do my tenants)

Move in fee $1,500 - paid by tenants
(refundable - but usually takes over 2 months of bi*ching)

Move out fee $1,500 - paid by owners
(refundable - but usually takes over 2 months of bi*ching after tenants move out)

I process all paperwork and submit to prop mgmt co.
Last application took almost 3 weeks to get "approved" - over qualified tenants, no less.

Joys of owning an investment property - *sigh*

OTOH - I don't have problems renting it out. Usually get very qualified tenants who don't mind the headaches and extra fees because they want the high end condo building over the "revolving door" environment of rental properties. If the math works out, then you gotta take "the good, bad and the ugly".

V65

ok, I guess 10 days is the norm, or rather less than the norm judging by what I read on these forums. most have posted 10-40 days?

truth: I guess that's life. We take the good with the bad. I believe that most people are good. And, I think I'm doing my due diligence to minimize my chances of getting hurt. I'm going to decide whether to take that chance in the next day or two.

ho: Bad managining agent/management co..
But, this is the norm, as far as I know; here in Manhattan.

Vintage 65 is lucky -- at least they get the move-out/move-in fee refunded to them.

jaesee: Good luck with that. Sincerely.

jaesee: I believe that you are good.
In the case of RE transactions -- please think out of that premise.

In my building the application fee for renters is $500 bucks. That's it. Last time, the board took one week to review a lease. Minimal rental period is 6 months. They really don't actually care, which I think is fabulous. Hope it stays that way.