Posted by Will on January 29, 2001 at 16:53:59:
In Reply to: Re: Do I need Board approval to rent from a condo owner? posted by agatha on January 29, 2001 at 13:01:37:
A cooperative is a business. The people who manage the Cooperative including the coop board have a duty to maintain the financial integrety of that business...
most coops require an interview, job and credit check of sublease (renters) applicatant. Why? because usually when a renter doesn't pay rent the owner doesn't pay maintenance. Also the financial quality of tenant usually is indicative of how that tenant will honor the contract.
most condominums on the other hand do not have a board interview...however condo owners do check the same criteria as above. And if they don't they are stupid. And perhaps condo have started the above process...I haven't heard of such a thing till now.
The original poster is most likely talking about a coop not a condo.
Will
: : : The owner of a condo unit in a condo building wants to rent to me for which I signed a lease and gave 1st month rent/security. Owner has now been told by the condo board that I have to fill out an application to the board even though the owner has agreed to me. There is a $500 non-refundable processing fee, a $250 non-refundable elevator moving-in fee. On top of this is a non-refundable $500 fee that goes to an individual who used to work for the company that manages the building and now has his own company and is still involved in the management of the building. Are these charges legit? The owner is equally disgusted with this.
: : : In the rules of the condo there is a section for renters that says "all rentals must be arranged thru xxx." (this is the official management company, not the one mentioned above). "No unauthorized rentals will be permitted without the expressed written approval of the Unit Owner OR the Board of Managers"(condo board). Since the rules says the Unit Owner or the condo board, why do i need the permission/application to the board if the owner approves?
: : : Appreciate any advice. Thanks.
: Because co-op owners think they are God. This exact situation happened to my sister. She rented an apartment from the co-op owner and the day she was moving in the Board president flipped out. She was pissed off that the rental wasn't "approved" by the snobs that be. Thus, a notice was immediatly put up that all rental applicants must be approved by not only the co-op owner but the board as well.
: They tried to get my sister to fill out the same form that prospective buyers had to fill out after she moved in. She refused to disclose any information to them. It asked for all kinds of personal information that they had no business knowing. Who the hell are these people to know how much cash one has on hand and what one's credit available is on all cards? She wasn't buying an apartment, nor was she paying rent to the co-op so they had no business asking for this information.
: I'd never buy or rent in a co-op after hearing that horror story.
: I've heard as well that if you rent a co-op from the owner in the building I talk about above, you can only stay for two years. I don't know if that is standard practice in all buildings, but I'd look into that possibility so you don't get any more surprises.
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