Hi all, have been reading through these forums and they have been very helpful. Was hoping for some help in my situation. I am currently in the process of renting a condo in Staten Island. It is a townhouse community. I found the condo through my realtor and I met with the owner of the condo about a week and a half ago. She loved us (the apartment is for me and my boyfriend, and our cat) and we... [more]
Hi all, have been reading through these forums and they have been very helpful. Was hoping for some help in my situation.
I am currently in the process of renting a condo in Staten Island. It is a townhouse community. I found the condo through my realtor and I met with the owner of the condo about a week and a half ago. She loved us (the apartment is for me and my boyfriend, and our cat) and we signed the lease. She said she had to submit the lease to the board for approval. I gave her my security deposit, which was deposited into her account.
I heard from her last week and she said that the management company approved my application and that she was now just waiting for the board to approve.
From what I can gather, the board in a condo can only exercise its right of first refusal? So that would mean, unless they want to rent the condo under the same terms as my lease states, we should be approved? Is there any other reason they can turn us down?
I am just so nervous about this process. I have to be out of my current apartment and just want the official ok.
Any info would be GREATLY appreciated.
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Response by NWT
about 13 years ago
Posts: 6643
Member since: Sep 2008
Correct. All the board has is that right of first refusal.
They could drag out the process of waiving its right of first refusal by going back and forth asking for more info about you -- under the "may reasonably require" caveat -- but doesn't sound as if they're jerking you around that way.
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Response by jen5276
about 13 years ago
Posts: 13
Member since: Dec 2012
ok great thanks! I am in such a stressful situation because my current landlord asked me to be out of my apartment by Jan 1st so she could have the apartment for her soon to be ex-husband. It's an awful situation, especially since I have been a tenant at my current place for over seven years.
It's just such a nightmare and I want to have a new place to call home. This waiting process is making me more nervous.
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Response by csn
about 13 years ago
Posts: 450
Member since: Dec 2007
Condo boards usually meet once a month. They also tend to follow the management companies decision.
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Response by jen5276
about 13 years ago
Posts: 13
Member since: Dec 2012
what if board doesn't accept by January 1st....I am quite nervous that this might happen.
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Response by Truth
about 13 years ago
Posts: 5641
Member since: Dec 2009
jen: NWT is correct and the board of a townhouse condo development in Staten Island won't have much reason to turn you down on "first refusal" if the management company has all of the financial info that the board requires.
It doesn't even happen in Manhattan condo buildings with units being rented by unit owners.
Just e-mail the managing agent and ask when the board will be meeting and explain that you need to move out of your current rental by Jan.1st (if you have not already informed them when you submitted your application).
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Response by jim_hones10
about 13 years ago
Posts: 3413
Member since: Jan 2010
You are ok, but jan 1 may be for many reasons not possible, not the least of which is the board may not keet w/ holidays.
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Response by jen5276
about 13 years ago
Posts: 13
Member since: Dec 2012
So spoke to landlord and she said come by tomorrow and I will bring you the keys. I said did the board accept and she said well I spoke to one board member and they said "fantastic move them in"! So I guess she feels comfortable that they will...
I think this is a really informal board and it's just like whatever, let her in and we will approve when we approve.
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Response by Riversider
about 13 years ago
Posts: 13572
Member since: Apr 2009
Condo boards blocking a rental application are rare. that said , since you are renting from an individual owner keep in mind that there's a possibility your lease does not get renewed for reason having nothing to do with you, such as a desire to sell, the owner wishing to move in or lease to a relative. Also you won't be dealing with the management company for all issues and dealing with the unit owner could be worse(or better) than dealing with the managing agent. Hopefully you are leasing at a market discount to make up for all this.
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Response by jen5276
about 13 years ago
Posts: 13
Member since: Dec 2012
yes, well I spoke to the owner when I signed the lease. She said that we could just renew when this lease expires. At least this time I have the protection of a lease. The current apartment I am in is a month to month and that is why I am under the gun to get out. Landlord wants the apartment.
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Response by gcondo
about 13 years ago
Posts: 1111
Member since: Feb 2009
welcome to the wonderful world of getting soaked by a management company. The entire process for ROFR should take a week. There should be no application process required by a management company, but hey, they have to make a profit too. The landlord should be able to run his/her own application process, credit checks, etc IF THEY SO CHOOSE.
Management companies do this to make 1000 dollars a pop, but they end up costing landlords at least a month in rent in the time it takes to process applications, and ultimately leads to higher rent. It's a friggen disgrace.
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Response by jen5276
about 13 years ago
Posts: 13
Member since: Dec 2012
well management already approved us.
I think they charged owner a $500 fee, which I believe is a "move in fee"?
Correct. All the board has is that right of first refusal.
They could drag out the process of waiving its right of first refusal by going back and forth asking for more info about you -- under the "may reasonably require" caveat -- but doesn't sound as if they're jerking you around that way.
ok great thanks! I am in such a stressful situation because my current landlord asked me to be out of my apartment by Jan 1st so she could have the apartment for her soon to be ex-husband. It's an awful situation, especially since I have been a tenant at my current place for over seven years.
It's just such a nightmare and I want to have a new place to call home. This waiting process is making me more nervous.
Condo boards usually meet once a month. They also tend to follow the management companies decision.
what if board doesn't accept by January 1st....I am quite nervous that this might happen.
jen: NWT is correct and the board of a townhouse condo development in Staten Island won't have much reason to turn you down on "first refusal" if the management company has all of the financial info that the board requires.
It doesn't even happen in Manhattan condo buildings with units being rented by unit owners.
Just e-mail the managing agent and ask when the board will be meeting and explain that you need to move out of your current rental by Jan.1st (if you have not already informed them when you submitted your application).
You are ok, but jan 1 may be for many reasons not possible, not the least of which is the board may not keet w/ holidays.
So spoke to landlord and she said come by tomorrow and I will bring you the keys. I said did the board accept and she said well I spoke to one board member and they said "fantastic move them in"! So I guess she feels comfortable that they will...
I think this is a really informal board and it's just like whatever, let her in and we will approve when we approve.
Condo boards blocking a rental application are rare. that said , since you are renting from an individual owner keep in mind that there's a possibility your lease does not get renewed for reason having nothing to do with you, such as a desire to sell, the owner wishing to move in or lease to a relative. Also you won't be dealing with the management company for all issues and dealing with the unit owner could be worse(or better) than dealing with the managing agent. Hopefully you are leasing at a market discount to make up for all this.
yes, well I spoke to the owner when I signed the lease. She said that we could just renew when this lease expires. At least this time I have the protection of a lease. The current apartment I am in is a month to month and that is why I am under the gun to get out. Landlord wants the apartment.
welcome to the wonderful world of getting soaked by a management company. The entire process for ROFR should take a week. There should be no application process required by a management company, but hey, they have to make a profit too. The landlord should be able to run his/her own application process, credit checks, etc IF THEY SO CHOOSE.
Management companies do this to make 1000 dollars a pop, but they end up costing landlords at least a month in rent in the time it takes to process applications, and ultimately leads to higher rent. It's a friggen disgrace.
well management already approved us.
I think they charged owner a $500 fee, which I believe is a "move in fee"?
Congrats!