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Things to consider before renting out your condo

| Jan 5, 2021 | real estate | 0 comments

If you are planning to become a landlord, be aware that it is a serious undertaking, especially when it comes to a condominium. Florida statutes cover many of the rights and responsibilities of landlords and tenants, and there are additional statutes that apply when a homeowners association is a factor.

Before you start looking for a renter for your condo, you need to review what the HOA’s policies are, and how the statutes may affect you and your tenant.

Who is responsible for maintenance issues?

According to the Florida International University College of Law, your HOA’s governing document – the declaration of condominium – contains the information regarding the HOA’s responsibilities. However, negligent residents will typically have to take care of maintenance or repair issues that they cause.

When you draft your lease, you should include which responsibilities belong to the HOA. You should also spell out which of the resident responsibilities belong to your tenant, and which you will retain.

What does the tenant owe the HOA?

Many HOA declarations include a requirement for the tenant to pay a security deposit to the HOA as well as to the landlord. However, it is the landlord’s responsibility to continue to pay the HOA dues. If an HOA does not receive these payments in a timely manner, it may direct your tenant to send the rent to the association rather than to you to cover the arrearages.

You should not run into trouble as long as you and your tenant sign a carefully constructed and fully understood lease that includes the requirements listed in Florida Statutes 718 and 83, as well as those in your HOA declaration.

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