Condo Issue

Wondering if anyone knows anything about condo laws...backstory- I own a condo that I rent out, I have for several years as I was unable to sell the unit due to a crash in the housing market- I bought very high and currently would lose about 90K if I sold the unit.
I now need a permit to rent the unit- that is fine I will apply and pay the rental fee - everything is a fee- thank you Brookhaven, now my Condo management company is telling me I have to also pay them an administrative fee of $250 per year for renting my unit.
There was no official meeting as not enough oweners were present so there was no quorum to pass any new laws- so I am unsure how this could even happen.
I wonder if this is all just a scare tactic - I get they don't want people to rent their units but seriously how can this be ok?
Sorry for the long post... if anyone can give me any insight I would appreciate it.
Thanks!

Condo Issue

I don't have an experience with Condos on the Island, but I know in my coop complex, you are charged a fee of $200 every year to rent out your unit. So not a scam per se, but another fee to make money!

Re: Condo Issue

Hi,

I am on the board of my condo community in western suffolk so I can help a bit. Our community also charges an administrative fee to any homeowner who chooses to rent their unit. We actually just bumped it up to 300.00. Several reasons behind it (work for the management company etc) but to be honest, our community does try to use it as a deterrent as well because we've had a lot of issues with renters as well as owners who don't want to be responsible for their renters. (not your case - but ours).

However it is a something the Board has a right to vote on and impose with out a community vote.

Basically, it is a change to the HOUSE RULES, which the Board governs in the day to day running of the community.

Should this change have been made in the BY-LAWS, then it would have required a quorum of the community, as well as changing the By-Laws with the town (that costs money).

Hope this helps. Feel free to FM me if you have questions.

Condo Issue

Not a condo but I own a coop. In order for us to sublet, we need to pay the board a fee = to 100% of our maintenance + all subletters need to be pre-approved by the board and we can only sublet for a period of 3 years at a time.

I know my coop board does this to discourage subletting. They prefer that all buyers occupy or buy as pied-a-terres.

Are a lot of the apartments in your condo subletted? They may be trying to deter people from subletting their places.

Condo Issue

My husband is a property manager and each of his buildings charges a fee to rental units each year...from $200-1000.

Re: Condo Issue