Posted by Tommy_FL on March 22, 2000 at 18:18:33:
Thanks for trying to help, but this is one of the “Sacred” rules and regulations in the Condo Documents. They are to screen any buyers and tenants. And they are allowed 30 days. I already mentioned that problem to them. They are pointing to the company that they use to do the screening that is taking 30 days.
Invasion of Privacy - Condo - Posted by jimi
Posted by jimi on March 22, 2000 at 14:05:20:
I own a condo that I have leased to tenants for several years now. Nice building, attracts great tenants.
Problem - The do-gooders that run the condo association passed a by-law that requires all owners to provide a copy of all rental agreements for non-owner occupied units.
I don’t want to do this - it’s none of their business.
Cost of non-compliance? They will not issue the annual pool passes(ouch), storage locker keys(Ouch) or Assigned Parking Passes(OUCH) until they’ve got em’.
All I can say is… - Posted by SusanL.–FL
Posted by SusanL.–FL on March 23, 2000 at 10:53:05:
try not to get off on the wrong foot with them because they could make your life miserable…since they are ‘holding all the cards’, so to speak (and making all the rules).
Work with them…and they will work with you.
Re: Invasion of Privacy - Condo - Posted by Rob FL
Posted by Rob FL on March 22, 2000 at 21:51:21:
I have 2 rental condos and they require the same thing. I really don’t care if they read my lease. I only send the first and last pages to them and they don’t complain. I did tell them that my lease was 8 pages long and that they really only needed the first and last pages.
One reason they do this is because they do a criminal background check on the tenants. Another reason is because, as someone pointed out below, lenders require info about renters vs. owner occupancy before they can make FHA, VA, or FNMA/FHLMC loans. Lastly, they may want this info in case of a problem with the unit (busted pipes, roof leaks, etc.)
Is it a secure building? - Posted by Dave T
Posted by Dave T on March 22, 2000 at 21:22:44:
The association needs to know who is occupying the units. They also need to know how many units are investor owned vs owner-occupied. There are insurance liability issues and perhaps security issues involved here. Whenever a unit is sold, the buyer’s lender will ask the association for a HUD certification. To do this, the association must know how many units are owner occupied and how many are non-owner occupied.
Perhaps you personally manage your unit, while absentee landlords may employ property managers. When there is a problem with a unit or a tenant, the condo association needs to know who to call in an emergency – you or your property manager.
Don’t look at this as an invasion of privacy, instead look at this as a measure that helps insure the efficient operation of the association. This is the type of active management that helps a condo complex maintain and increase your unit’s property value.
Believe me, the association does not really care how much rent you are getting.
Re: Invasion of Privacy - Condo - Posted by ROY
Posted by ROY on March 22, 2000 at 17:29:35:
I CURRENTLY OWN FOR CONDOS THAT I RENT OUT AND I HAVE TO SUBMIT A COPY OF MY LEASES TO THE HOMEOWNER’S ASSOCIATION. FORTUNATELY, THEY HAVE NOT GIVEN ME ANY TROUBLE AND I HAVE SEVERAL GOOD TENANTS. HOWEVER, IT MIGHT BE A GOOD IDEA TO FIND OTHER OWNERS IN YOUR COMPLEX THAT LEASE THEIR UNITS AND ATTEND THE ASSOCIATION MEETINGS TOGETHER TO STAND UP FOR YOUR RIGHTS. IT WOULD BE A PLUS IF U COULD HOLD AN OFFICE ON THE ASSOCIATION. THEN U COULD DIFFUSE SOME OF THE PROBLEMS.
Re: Invasion of Privacy - Condo - Posted by Tommy_FL
Posted by Tommy_FL on March 22, 2000 at 16:26:34:
I understand your frustration. I just bought a nice condo out of a foreclosure for rental purposes and the sale was a really good deal. The problem now: the condo association must do the tenants screening themselves and insist on taking at least 30 days for the process. I have got tenants backing out because they can’t wait that long to move. What to do??? I feel hopeless.
I may know why there doing this - Posted by Jason_VA
Posted by Jason_VA on March 22, 2000 at 16:25:30:
The reason they are askingm MAY be a somewhat good reason. I own a rental townhouse in a student community. Fact is, some are investor owned, some are parent owned, some owners dont even remember that they are owning. Because of this, some rent for 300 /person, some 200, and some are in between. It does help everyone is are rents are consistent with each others. Thats the only reason I can think of why they’d want this information. Of course, you could always attend the next meeting of the owners association, and ask directly why.
Tenant Screening - Posted by Doug Pretorius
Posted by Doug Pretorius on March 22, 2000 at 17:24:55:
If you have a good record at putting tenants in other properties, you should point that out to the association. I don’t know if it’ll help, but it couldn’t hurt. Maybe you can convince them that you are adept at screening and placing good tenants and they’ll let you take over the role.
Re: I may know why there doing this - Posted by Mark (SDCA)
Posted by Mark (SDCA) on March 23, 2000 at 13:43:39:
So what?? If I can get 300 for my condo and the next guy can only get 200, more power to me… Additionally, condos are not homogeneous on the inside. Differences in flooring (upgraded versus old and worn), paint (new versus old), lighting, appliances etc that are the owner’s reponsibility can have a major impact on the monthly rent.
My advice is to dump the condo. In general, I don’t like them. And this is one reason why.