0
Yes, and if your intention is to buy a condominium as a rental/income property, it's a good idea to read the governing documents to ascertain whether or not rentals are allowed.
In another situation, say, such as the one that faces too many owners -- rent or be foreclosed upon, you may have another option.
When no rentals are allowed, or when the association has reached its rental cap, you can petition the board and present a 'hardship' case, that indicates unless you can rent the space, you will be forced into foreclosure.
The board may be willing to allow a rental in this case, especially if you present these credentials:
- A renter-vetting service receipt indicating that you've completed a background and finance check on the potential renter -- no names/ results, just proof that you've completed the procedure
- A copy of the lease you propose signing with the tenant
- Proof of sharing the governing documents and house rules with the tenant, so that the tenant can live in the unit as an owner, without the power to vote
Finally, some lending institutions will not loan money to buy a condominium when rental percentages relative to owner/residents is too high. Therefore, either rentals are dis-allowed, or a rental cap may be in place.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
How do you spell by law?
The spelling "bylaw" is a rule or ordinance adopted by a group or association.
How do you use the word Bylaw in a sentence?
The club members reviewed the bylaws of the organization.
What is a sentence for the word condominium?
Bob was forced to kick out the jocular man who decided to use the bathroom that read "Do not use!" in the condominium that was for sale.
What is a synonym for regulation?
directive, guideline, parameter, instruction, ruling, bylaw, law, decree, order control,
Is condominium unit considered real property?
Yes. A condominium is real property and is an estate owned in fee: The owner can sell it, leave it to a beneficiary in his/her will or the property will descend to their heirs at law if they die without a will. Fee simple is the maximum form of real property ownership. Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) by each owning their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property and common areas of the condominium.
What types of insurance does allstate provide?
AllState provides Homeowners Insurance, Condominium Insurance, Renters Insurance, and Landlord Property Insurance.
What is a bylaw officer?
A bylaw officer is an agent of municipal law enforcement in Canada, who is responsible for ensuring obedience to the bylaws.
Do condominium buildings hold their value better if they do not allow the owners to rent them?
Condominium buildings and thus units within them hold their value if renters live there as though they were owners, fully informed of the guidelines contained in the governing documents, but without the right to vote. An important issue to consider is the ratio of resident owners versus renters. Lenders are usually interested in more resident owners than renters, and sometimes by a wide margin, such as 25% of the units available for rent, as a cap. Some lenders want an even smaller percentage. Renters in condominiums can lower a building's reputation when they do not respect the governing documents, either because they have not received copies of them, or the board is lax in enforcing the governing documents through owners to misbehaving renters. Notices of violations and fines are strong deterrents when applied uniformly and in a timely manner.
Can a bylaw be changed by board members only?
They can change a bylaw, but they have to go to the membership for a vote and there should be a discussion by the membership why the change is needed.
What is the plural possessive of renters?
The possessive form of the plural noun renters is renters'.Example: The renters' parking lot is at the rear of the building.
What is a highrise condominium?
A high rise condominium is a tall building with condominium units.
What Calgary will do if you break the pet bylaw?
get a fine
What is another name for subordinate rule?
Bylaw
How much money does a bylaw officer earn?
The salary of a bylaw officer can vary depending on factors such as experience, education, and location. However, on average, the salary range for a bylaw officer in Canada is approximately $50,000 to $80,000 per year.
What is the difference between a condominium unit and a condominium phase?
A condominium unit is a single unit in a condominium project, whether residential or commercial. A condominium phase is a development period, during which a developer builds, finishes and/or sells a set or collection of condominium units.
renters rebate?
how do i file for my renters rebate from minnesota
Do you place a hyphen in by laws?
No. Typically, bylaw is not hyphenated.
