The lease sets the lease conditions for the condominium. The term of the lease, the monthly rent, the deposit, the maintenance and repair obligations are all the conditions described in the tenancy agreement. Condo rentals look like residential rent, but also address unique issues for renting a condo, such as the landlord`s obligation to pay condo fees and ensuring that tenants comply with the H.H.A. rules of the condominium. The purpose of a condo is to clarify the terms of the condominium lease. It also avoids misunderstandings and lays the foundation for a healthy owner-tenant relationship. Other names for this document: Condo lease, Condominium Lease Form The condominium contains a language more or less similar to that of a standard lease. However, it has a clause which it submits to the various statutes that govern the rental of such facilities. It is therefore important that you pay particular attention to this specific provision. Here are some of the conditions that set the agreement: A Condo lease agreement is a legally binding agreement between the owner of the condominium and the tenant.
This document is important because it will minimize and prevent confusion and misunderstandings about the rental rules of the condominium. Standard type of condominium rental cal/98 5 New York Real Estate Authority, Inc. Copyright 1998. All rights reserved. Reproduction in whole or partly prohibited: this rental agreement contains the agreements between you and your owner… Potential Tenant Screen – If you are new to being a homeowner, it is important to know about the Fair Housing Act, which protects tenants from discrimination against owners of race, skin colour, natural origin, sex, disability, religion or family status. A good way to avoid discrimination is to have the same screening procedure in place for each potential tenant. It is recommended that all potential tenants apply for a tenancy that will allow you to conduct a credit, penalty and background review. In this case, the language, like the terms of the tenancy agreement, applies more or less as in a rental property contract.
Despite this, the commercial lease may limit the use of the condo for specific purposes and tasks.