Are you considering renting out your condo? Many of our owners rent out their condos during the year. Some of our units are rental only, others are rented only during the high Winter season. If you are considering opening up yur condo for rental, there are some facts you should know.
First, renting your unit is allowed under our CC&Rs, but with restrictions. Article 6.14 - Leasing Restrictions - states that any lease MUST be at least 30 days in length. It can certainly be longer than that, but no shorter. Leases must also be in writing and must be filed with our management company, and must state that the tenants are subject to the CC&Rs, and all Rules and Regulations of the Association.
In addition, a Renter Registration Form must be signed by the Unit owner and all tenants of legal age, acknowledging that the tenants have been advised of the CC&Rs and Rules and Regulations, and that the tenants understand that they must comply with the CC&Rs, and Rules and Regulations and that all tenants of legal age are equally accountable for complying with the CC&Rs and Rules and Regulations.
A copy of the lease agreement and completed Renter Registration form must be provided to our management company prior to the effective start date of the lease. Failure to comply with the document filing requirements will result in fines in accordance with the Resolution on Rules Enforcement, Schedule of Fines.
One final thing to remember - if you rent out or least your Unit, please let your personal insurance agent know because the standard HO6/Condo policy does not cover condominium units that are rented or leased. You will need a Landlord policy for rentals.