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TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
Satisfied Customers: 11784
Experience:  JD, MBA
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What is the ratio of Owners to Renters in a Condo Building

Customer Question

What is the ratio of Owners to Renters in a Condo Building with 114 units?
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  TJ, Esq. replied 5 months ago.

Hello and thank you for the opportunity to assist you. My name is ***** ***** I will do my very best to answer your legal questions.

The information that you need would either be in the bylaws, the declaration, or it doesn't exist. There is no law that requires any particular ratio. You already mentioned that there is nothing in the bylaws, so you should check the declaration to see if it's there. If it's not, then there is no particular ratio requirement.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied.

Customer: replied 5 months ago.
As a previous mortg. originator, the ratio was .4 for FHA/VA funding. I'm in a battle with the building. There are currently a lot more renters than .4 My unit has been on the market for 15 mos. and the question comes up frequently when potential buyers are pursuing a mortgage. How do I find the CORRECT answer when the building mgr. refuses to help with this issue?
Expert:  TJ, Esq. replied 5 months ago.

Hi again.

The law does not have a required ratio. If the bylaws and declaration do not, then no particular ratio is required for your building. The fact that FHA/VA requires a certain ratio is not law ... it's just their own policy. Your building doesn't need to abide by FHA/VA policies.

Expert:  TJ, Esq. replied 5 months ago.

Hi again. Please let me know if you need further clarification

Expert:  TJ, Esq. replied 5 months ago.

Hello again. I didn't hear back from you, so I'm just checking in to make sure that you don't need more help on this issue. If not, then please remember to provide a positive rating via the stars (and note that your positive rating is the only way that I'll get credit for helping you, so I greatly appreciate it). Thank you!

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