Longest possible lease term acceptable by Condo
Started by clt89
over 13 years ago
Posts: 61
Member since: Sep 2009
Discussion about
What would be the longest possible lease most Condos would allow an owner to enter into with a tenant?
How long of a term do you want?
I don't know if a condo cares / can say anything. I've done 3-year, with my exclusive option to terminate, and it was a non-issue.
Condo associations have zero control over lease terms of owners. You could rent the unit out indefinitely.
the only thing ive ever seen is lease minimums, not maximums.
some Luxury condo boards will allow only a min/max of one year at a time.
@Zugzwang co-ops cant restrict max terms (the city can restrict min terms though eg not a hotel by the night).
Thats the whole point of condos in the first place.
The condo has a right of first refusal. Within that right, they can review the terms of the original lease which will include dates of occupancy. So they can reject a lease that is too long. For renewals, I can't speak definitively (none of what I say is definitive anyway, I'm just a blathering grey poster), it seems as if there is a new opportunity for them to exercise their right of first refusal, and the by-laws may give them the right to require the similar application package at renewal time.
Also, it's worthwhile to read the condo by-laws. Some of the luxury condos are set up such that the amenities are rented to the owners within the maintenance (and therefore subject to terms and conditions and particularly payment of "rent" for the amenities aka the last dollars of maintenance), so, separate from residency in the actual apartment, there may be restriction on the tenant being able to use the amenities which would be a provision most in force when the owner is a deadbeat.
check 15 CPW - Min/max of one year at a time. you have to resubmit board packge after the first year
2 years is normal , 3 is rare