More details to this question:
BUILT ABOU 30 YEARS AGO. SMALL PERCENTAGE OF UNITS COULD BE RENTED, AFTER MYO PARENTS PASSED i RENTED CONDO OUT - SINCE 2024 BOARD NO LONGER WANTS RENTERS GOING FORWARD WE ARE GRANDFATHERED IN AND CAN CONTINUE TO RENT BUT MUST PAY THE BOARD $4,000 IN ADDITION TO OUR MONTHLY CHARGES. ALSO MUST GIVE BOARD $1000 FOR SECURITY DEPOSIT . UNIT OWNERS VOTED AND PASSED TWO THIRDS APPROVED . IS THIS LEGAL? AND IF SO ARE THE FEES REASONABLE?
1 ANSWER
Property Disputes Transactions Attorney serving Lake Success, NY
Partner at
Vishnick McGovern Milizio LLP
3 Awards
The broad answer to your question is that the board will generally be allowed to make such a rule as long as they followed the by-laws in terms of the methods for voting on such an issue. While the fee seems excessive, the board has the right to do so under it's business judgment authority.
Answered on Mar 07th, 2025 at 8:54 AM