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The number -- usually expressed as a percentage of owner-occupancy -- depends on your governing documents.
In recent times, the governing documents you need to look for are those board meeting minutes that contain references to 'rental caps' or resolutions that the board has passed establishing the number of rental units allowed by the association.
Boards must be vigilant about this number, because lenders review the number before giving mortgages to prospective unit buyers. When there are too many rental units, the lender may deny a mortgage.
Government entities, such as 'Freddie Mac' and 'Freddie Mae' recast this percentage several times during 2009-2010, so in order to position the association's units as desirable to mortgage lenders, boards have used their percentages.
A local lender can give you the desirable percentage today, since the number does have a tendency to fluctuate.
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Where can one get information about condominium rental in Hawaii?
There are many places where one could get information about condominium rental in Hawaii. The best place to find more information about condominiums in Hawaii would be at a realtors office.
What is the normal configuration of units in a condominium building?
There is no normal in terms of configuration of units in a condominium building. The developer built as many units as s/he believed that s/he could sell, given the zoning, height restrictions and parking requirements set out by the city where the building was constructed.
How many square foot of rental storage units was available in 2010?
The answer will depend on where and how large an area you are considering.
How many units of alcohol is one person allowed in one week?
35
Can a condominium have a bylaw no renters?
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 procedureA copy of the lease you propose signing with the tenantProof 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 voteAnd be willing to work with the board to give the association a sense of 'comfort' that the tenant will be a civil and cooperative addition to the community.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.
How many units can be rented in a condo association?
Your answer depends on several variables, including your governing documents and any amendments or By-laws that address rentals. If they are silent, please consider:One key issue with rentals in condominium associations is this: Mortgage lenders will not loan money to buyers to buy into the association if more than 50% of the units are rented, based on the current Fred/Fan guidelines.If the rental number is too high, this means that units can only be sold for cash.Another issue is finding viable candidates to volunteer for board membership.If too many units are rented, owner/occupied units are usually those with residents willing to serve.Another is the 'pride of ownership' issue: most tenants have none.Finally, because tenants deal with individual owners as landlords and not with the association, many people who cannot pass screening processes -- financial, background, and so forth -- approach individual landlords, and charm them into rental situations.This puts the entire community at risk.In your situation, ask a board member or the property manager what the limit -- rental cap -- is for your association, and work with them to rent your unit in ways that will take the association and your co-owners into account.This is the best way to protect your investment in the unit that you own.
What is a bare land condominium?
Generally, bare land condominium is a term used in jurisdictions such as Alberta, Canada. A condominium plan is registered that subdivides bare land into separate smaller lots. A developer then constructs buildings on the parcels that may consist of multiple units or townhouse style units. The master lot is not common property as in a traditional condominium. There may or may not be common land included in the plans. In a bare land unit you buy the land and anything built on it. Many of the structural features such as roof, foundation, exterior walls, driveway, some landscaping, etc., must be maintained by the unit owner. Those obligations can be transferred to the condominium through by-laws. However, there can be much variation in bare land projects and you need to check the legal status of bare land condominiums in your particular jurisdiction and then review the particular project for details. If you contemplate a purchase you should be represented by an attorney who specializes in real estate and condominium law in your jurisdiction.
How many passengers allowed in rental car?
As many as there are seats. Any more would probably be called driver negligence should you have an accident and render you liable for the costs.
What website will find you find to rent a house?
Forett At Bukit Timah is a luxurious freehold condominium built on 360,000sqm of prime estate land and comprising of 633 units, our units range from 1 Bedroom+Study units to 5 Bedroom units. Nestled within a private residential enclave, Forett is minutes from Beauty World and all of the great restaurants.
How many condo owners?
In most communities, the majority of residents in condos are owners. There are some rental units, but for the most part the people that own the condo also live in it.
How many syllables are in the word condominium?
Five: con-do-min-i-um
How many condominium associations are in the USA?
According to Community Associations Institute, the latest number available, for 2009, indicates that there are 60.1 million residents in 24.4 million housing units located in 305 association-governed communities in the United States.
