Condo lease transfer fees

a fuck load of money

There is no average as most condos do not charge the owner a fee. In some cases it is 2 months common charges. It is case by case.

Depends on condo as simbenz said.

In one of our buildings:
1 year = 1 month rent
2 years = 2 months rent (90% sure without looking up docs)

In another:
No fee

It depends on the building but usually around 500-600 bucks but can go as high as 1000+ a year. All for doing absolutely nothing,

1 year = 1 month rent----That's utterly ridiculous. What building has the audacity to charge that amount????????

@renterjoey

The one we're abut to sell. Was part of a 1031 exchange and we didn't have much time/choices so we went into defensive mode. The location & building are prime, but the fees are ridiculous for owners.

Tenant should never pay both a brokers fee and a condo fee. Or the condo fee should net against a brokers fee if there is one.

greensdale
2 minutes ago
Posts: 871
Member since: Sep 2012
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Tenant should never pay both a brokers fee and a condo fee. Or the condo fee should net against a brokers fee if there is one.

what the fuck are you talking about? standard for the tenant to pay BOTH. Condo's often have to trade at a discount because of the building fee's.

Tenant should make sure the owner is invested in a good experience by negotiating that the maximum amount of fees is paid by the owner, not the tenant. This also will help to minimize the broker fee since the owner can negotiate in advance and choose a flexible broker. No reason for the tenant to pay rent plus fees plus more fees.

if your condo is managed by certain firms, they will charge upward of 1000 dollars for the "application process" and actually have the balls to try to mandate it, and delay tenancy for a month or two in the process.

& that cost should be borne by the condo owner as proper incentive to make sure the owner gets the application approved

greensdale
about 14 hours ago
Posts: 883
Member since: Sep 2012
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& that cost should be borne by the condo owner as proper incentive to make sure the owner gets the application approved

except market conditions (for at least the last two years) favor owners, so tenants pay.

And if the place has been sitting on the market for more than 30 days? How are those market conditions?