When it comes to leasing a place to live, there are various types of agreements one might encounter. If you choose to live in a condo, closing on a condominium lease will be one of those agreements you must navigate.
The condominium lease stands out with its unique features and differences from other residential leases. Before signing the document, it is important to know what sets a condominium lease apart from its counterparts.
Ownership structure
In a typical residential lease, tenants rent a unit within a property owned by a single landlord or property management company. However, a condominium lease involves renting a unit within a larger complex, where each unit is individually owned by different individuals. This means that while tenants have the right to occupy the unit they lease, they do not own it outright.
HOA rules and regulations
One significant aspect of condominium living is the presence of homeowner associations. These associations establish rules and regulations governing the conduct of tenants and the use of common areas. Tenants in a condominium lease must adhere to these rules, which may include restrictions on noise levels, pet policies and exterior modifications to units.
Shared facilities and responsibilities
In other residential leases, the landlord typically maintains all common areas and amenities. In a condominium lease, tenants may have shared responsibilities for certain areas. Condominium complexes often include amenities like swimming pools, gyms and parking lots. The maintenance of these areas often comes from homeowner association fees paid by tenants.
Resale and subletting
Unlike traditional residential leases, condominium leases may have restrictions on subletting or resale. Since each unit is individually owned, the condominium association may have specific guidelines regarding these activities. Tenants should review the terms of their lease agreement and consult with the association before attempting to sublet or sell their unit.
Florida condominium statutes outline many unique characteristics of leasing or owning a condo within the state. By knowing what to expect ahead of time, you can seal the deal on a condominium lease without becoming caught off guard by unexpected restrictions.
