Considering Leasing Your Condo? What You Will Need to Know to Remain in Compliance with Your Condo Association
To ensure a smooth transition into the rental of your unit, we strongly recommend owners contact the Providence Forge office in advance to review the details involving the rental of your unit and to request the current rental rates. All owners who wish to lease their unit must have met the one-year occupancy requirement before applying for leasing privileges. All owners who are approved to lease their units are required to complete the documents found in the Lease Approval Process packet and must submit an updated annual Lease Verification Form.
Should you decide that you would like to rent out your unit, you must follow the published Lease Approval Process. Please read the Lease Approval Process: Requesting Permission to Lease Your Unit in its entirety before submitting your request for permission to lease your unit. Your request must be both submitted to and approved by the Association. To protect our unit owners (and future buyers), the Association has adopted lease restrictions that state that at no such time will the number of leased units exceed 27.5% (or 55 units) of the Association. This percentage is subject to change and is dependent directly on market practices to protect the owners, future purchasers requiring mortgage approval and the Association at all times. We accept requests ongoing, however if the maximum rental occupancy has been met, your unit may be placed onto a wait list until which time another unit is removed from the leased units.
There is a one-time non-refundable Lease Approval Processing Fee for the privilege to lease each unit, which includes interior and exterior inspection to ensure both unit owner and Association are in compliance with our Bylaws. This Lease Approval Processing fee has increased to $500, effective September 2018, and is payable to the Association upon which time your unit is granted lease approval.
Our governing documents require Council to approve the lease (Right of First Refusal) prior to your tenant moving in. For due diligence, the Association must have a current lease on file. The Lease Approval Process packets detail the process and provides several forms which must be included with your lease when submitted for Council Approval. In addition, as Council meets on the second Thursday of the month, adequate time must be allowed for this process.
The Association mandates that Criminal Background Checks be completed and submitted for all prospective tenants over the age of 18 years who will reside at said unit for a period of more than 2 weeks. The results must be submitted along with all required Lease documents as defined in both Lease Approval Process packets.
Should your tenant move in before Council approves the lease documents and provides its due diligence of Right of First Refusal, the Providence Forge Homeowner’s Association Handbook mandates a $100 fine.
The Lease Administration Fee is an annual fee payable to the Association each January. This fee offsets the overall costs relating, but not limited, to administrative, legal and maintenance expenses directly incurred by the Association on behalf of non-owner occupied units. The current amount is $200, and is slated to increase to $250 in 2020.
New Tenant? New Lease?
Please follow the Lease Approval Process: Requesting Approval of New Tenant-New Lease link for the approval process specific to that of new tenant and/or new lease. This is a modified process which will still require criminal background checks, Right of First Refusal and Association approval, but does not require reauthorization for permission to lease said unit.
Fees related to leasing your unit are listed on this page and supersede any other postings prior to September 13, 2018.
Click here for the Lease Approval Process packet that pertains to you: Requesting Permission to Lease Your Unit or Requesting Approval of New Tenant-New Lease. Please be sure to select the appropriate forms based on your circumstances.
All Lease Agreements MUST include the following completed forms attached when submitting for Association approval:
If any of the above forms are not submitted in an executed manner, your request for approval will be rejected. This may result in prolonged time in securing approval which also delays the time in which your tenant is allowed to take occupancy.
Click here to view the approved Leasing Requirements Notice and Resolution of the Providence Forge Association.