How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask CalAttorney2 Your Own Question
CalAttorney2
CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10238
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
71563194
Type Your Real Estate Law Question Here...
CalAttorney2 is online now
A new question is answered every 9 seconds

I own a condo in Manhattan doorman Concerige building. I have

Customer Question

I own a condo in Manhattan doorman Concerige building. I have owned it for 10 years. I am in the process of renting apartment out and have submitted a complete board package to the managing agent who has submitted to the board. In my package the tenant is required to give me one month security and 4 months rent in advance. The advance rent shall be applied to to the last 4months of a two year lease. The board has come back and stated the want me to put in escrow 4 months rent to be held until the tenant has moved out plus they want me to pay a 500.00 fee to set up the escrow. Please note all condo charges have always been paid as agreed, even when the apartment has been empty. The tenant is a little short of the income, that is why I got the 4 months up front. Other than that they are good people with an excellent credit score. Question can the board do this?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 1 year ago.
It all depends on what the governing documents for your building state.New York does not have a regulation on what can be charged for a security deposit (unlike some other states), and common interest developments (HOAs, Coops, etc.) are private entities that can self govern - so the rules set by the governing documents allow them to determine what they require for rentals.The board cannot make up its own rules as it goes along, and it must enforce the rules equally amongst all owners. (it cannot enforce the rules arbitrarily or selectively.

Related Real Estate Law Questions