Thinking of renting your Condo on the Down Low? Think Again!

Okay, so maybe you don’t own a million dollar condo in the Financial District in New York (yes, I know the accompanying article calls it a co-op but it’s actually a condo).  Anyway, the owner of the unit decided she’d rent it out nightly without the board’s permission.  Big mistake!  When you buy a condo you are agreeing to live by the board’s rule.  And if you don’t they can slap fines on you and file a lien if you don’t pay those fines.  In this case the owner claimed they weren’t renting it out so the board installed surveillance cameras to check up on her.  Oh yea and then her boyfriend sent threatening letters to the board basically saying, ‘Do you know who I am?’.  Okay, that was big mistake number two.  It’s an interesting article but it’s also an important lesson.  Know what you’re getting into when you buy a condo.  You must abide by the rules or face the consequences.  One more reason it’s important to have a knowledgeable agent on your side when looking for a home.  Here’s a link to the original article.  I haven’t seen an update to how this was finally settled….

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