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We are owners of a condo in New York City. I maintain my residency…

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We are owners of a...
We are owners of a condo in New York City. I maintain my residency there although I travel a lot. the building allows rentals but it seems that the contract is between the Board and the owner and not between the owner and the prospective tenants? I would like to have paying guests in my furnished apartment where I am paying for everything including TV and internet. How can I handle this? I am willing to comply with all the fees etc. In on eyear we will return full time to the apartment.
Submitted: 3 years ago.Category: Real Estate Law
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5/31/2015
Real Estate Lawyer: TJ, Esq., Attorney replied 3 years ago
TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
Satisfied Customers: 12,708
Experience: JD, MBA
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Hello and thank you for the opportunity to assist you. My name is ***** ***** I will do my very best to answer your legal questions.
Q: the building allows rentals but it seems that the contract is between the Board and the owner and not between the owner and the prospective tenants?
A: Well, that wouldn't make much sense. The tenant has to be a party to the lease ... he's the person renting the property.
Q: I would like to have paying guests in my furnished apartment where I am paying for everything including TV and internet. How can I handle this?
A: Assuming the condo board allows it, then you would find your tenant and have him sign a lease. Typically, the lease needs to be reviewed and approved by the condo board before it can be finalized. But that is something that you'll need to ask the condo board.
I'm not sure if that answers your question about how to handle the lease. Please let me know if there's something specific you need to know. Thanks.
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Customer reply replied 3 years ago
From the by-laws and the procedure set up by the new management, I can bring an outside offer for lease but then the Board handles the tenants application which covers everything under the sun and I need to provide a contract (which seems to be between me as an owner and the Board) and also provide liability insurance written on behalf of the association and the management company. The Board has a right of first refusal and I don't quite understand what it means in this case.
Of course there are numerous fees but I would be willing to pay those.
Can they require that I lease the apartment to them first in order to rent it to tenants of or guests of my choice? We only will have the guests there for the next academic year and I still maintain my residence there.
Real Estate Lawyer: TJ, Esq., Attorney replied 3 years ago
Hi again.
I take the first refusal right to mean that they can require you to rent to them first, or to a tenant of their choice first. But I haven't seen the bylaws or the application.
The contract that you must sign with the board is likely separate from the lease with the tenant. You probably have to assure the board that you will take prompt action to be sure that the tenant adheres to various rules, regulations, etc. Of course, I'd need to read it to know for sure.
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