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What is the ratio of Owners to Renters in a Condo Building

Customer Question
with 114 units?...
What is the ratio of Owners to Renters in a Condo Building with 114 units?
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 11 minutes by:
6/30/2016
Real Estate Lawyer: TJ, Esq., Attorney replied 1 year ago
TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
Satisfied Customers: 12,559
Experience: JD, MBA
Verified

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.

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Customer reply replied 1 year 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?
Real Estate Lawyer: TJ, Esq., Attorney replied 1 year 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.

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Real Estate Lawyer: TJ, Esq., Attorney replied 1 year ago

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

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Real Estate Lawyer: TJ, Esq., Attorney replied 1 year 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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TJ, Esq.
TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
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