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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?
Response by jim_hones10
over 13 years ago
Posts: 3413
Member since: Jan 2010

How long of a term do you want?

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Response by inonada
over 13 years ago
Posts: 7952
Member since: Oct 2008

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.

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Response by NYCMatt
over 13 years ago
Posts: 7523
Member since: May 2009

Condo associations have zero control over lease terms of owners. You could rent the unit out indefinitely.

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Response by gcondo
over 13 years ago
Posts: 1111
Member since: Feb 2009

the only thing ive ever seen is lease minimums, not maximums.

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Response by Zugzwang PRO
over 13 years ago
Posts: 4
Member since: Jun 2009

some Luxury condo boards will allow only a min/max of one year at a time.

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Response by deanc
over 13 years ago
Posts: 407
Member since: Jun 2006

@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.

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Response by huntersburg
over 13 years ago
Posts: 11329
Member since: Nov 2010

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.

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Response by Zugzwang PRO
over 13 years ago
Posts: 4
Member since: Jun 2009

check 15 CPW - Min/max of one year at a time. you have to resubmit board packge after the first year

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Response by HarlemFF
over 13 years ago
Posts: 63
Member since: Sep 2012

2 years is normal , 3 is rare

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