Wednesday, November 9, 2011

Condo owner wants to rent out the apartment without notifying the board

Any condo owner who wants to rent out the apartment should check the condo by-laws and the house rules. In NYC condos, bylaws allow the board to exercise the "right of first refusal" which is the right to deny a prospective tenant based on financial information and criminal background among other factors. Usually condo boards require that owners submit completed sublet application packages, along with prospective tenants' credit checks and pay the move-in-move-out fees. When an owner does not notify the board of the tenant in his/her apartment, the board doesn't get the chance to exercise the "right of first refusal"  and can evict the tenant as a result. Furthermore, by-laws may also allow the board to charge fines and legal fees if an attorney is hired to deal with the issue.

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