Before You Rent Out Your Condo Unit, Don't Forget To....
As the owner of a condo unit, you are legally allowed to rent it out to long-term tenants.* Before you do, however, there are a few things that you must do to comply with the Condominium Act.
First, you are obligated to notify the condo board that the unit is leased and provide information regarding the lease to the board. Specifically, you must provide: the tenant's name, your address and a copy of the lease and each subsequent renewal. You must provide the tenant with a copy of the Condominium's declaration, by-laws and the corporation's rules. If the lease is terminated early, you must advise the condo board, in writing, that it has been terminated.
The condo board must keep track of each notification it receives.
*If you are considering leasing your unit for short term rentals such as vacation leasing for a week or two or airbnb, check your condo bylaws and rules carefully. While a condo may not prevent long-term leasing of a unit, it may adopt a rule or bylaw which prohibits short term leasing.
Please also see my post: 8 Tips for the Do-It-Yourself Landlord at: https://www.linkedin.com/pulse/8-tips-do-it-yourself-landlord-gwendolyn-l-adrian?trk=mp-reader-card
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