A condominium lease agreement is a legal contract for renting a condo unit between a landlord and a tenant. It outlines the terms, rent details, and any special rules the condominium association sets, ensuring both parties are aware of their responsibilities.
Key Features
- Monthly Rent & Term: Specifies the rent amount, due date, and the duration of the lease.
- Condominium Bylaws: The tenant must agree to abide by the condo association’s bylaws, which may include regulations on guests, pets, parking, and use of shared spaces (pools, gyms, etc.).
- Tenant Approval: The condo association may require tenant approval before occupancy.
- Association Fees: Clarifies who is responsible for paying association fees, usually the landlord.
- Move-In/Move-Out Rules: Includes any restrictions on moving days or procedures set by the condo association.
- Security Deposit & Rent Collection: Details about the security deposit, monthly rent collection, and how payments should be made.
How to Rent Out Your Condo
- Prepare the Property: Ensure the condo is in good condition, clean, and ready for occupancy.
- Gather Property Information: Provide critical details such as square footage, number of bedrooms, appliances included, and common areas accessible to the tenant.
- Screen Applicants: Use a rental application to gather information and conduct background checks, including credit history and rental references.
- Sign the Lease: Complete the condominium lease agreement and have both parties sign. Ensure all bylaws and additional documents from the condo association are provided.
- Monitor the Lease: Collect rent monthly and address any maintenance issues promptly. Upon termination, inspect the property and return the security deposit if no significant damage is found.
