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September 1, 2009
By-Laws qs. Buying a condo.
Hi,
We are close to signing a contract on a 2 bedroom condo unit in a 3 unit, self-managed brownstone building.
I recently received a copy of the by-laws and it looks like they do not allow subletting of any kind.
I was under the impression co-ops typically enforced this sort of thing. First time buyer, so learning something new every day.
How resolute are these by-laws typically? I thought owning a condo meant it was yours and you could do with it pretty much as you please :)
Any advice much appreciated!
Comments
Someone asked you the other day, are you sure you are in a condo and not a coop?
Renting is one of the most-enforced sections of any bylaws. You will definitely not be able to rent, don't even think about trying. Of course you could talk to your follow owners and institute a change to the bylaws, if they were so inclined. Which they won't. Who wants to take out the garbage for a renter in a building like that?
Posted by: denton at September 1, 2009 3:09 PM
Just a guess, but the provision may be there because anyone buying into the building will be asked by their bank if the bulidnig is fully owner occupied. In a building this small, a renter occupied unit might make it difficult to get a mortgage (and therefore diffult for our of your neighbors to sell).
Posted by: fawn at September 1, 2009 5:08 PM
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