A condominium lease agreement oversees the renting of a condominium. It does not really differ significantly from your ordinary lease. That is because it similarly covers the duration of a lease, rental costs, and the terms of usage of the stated piece of property, much like any other lease agreement would do.
What is Condominium (Condo)?
A condominium is a small apartment that is treated as a distinct unit and is hence sellable on its own right. It is largely abundant in larger cities of North America where space is costly and out of the reach of the many who may badly be in need of it.
These condominiums are mainly located in residential districts. They are subsequently used almost exclusively for residential purposes. Nonetheless, they may be repurposed, subject to the prevailing bylaws, to cate to other needs like commercial, office, or warehouse.
Terms of a Condo Lease
The condominium contains more or less similar language as that of a standard lease agreement. However, it does have a clause that leaves it subject to the various bylaws that govern the lease of such facilities. It is hence important that you pay special attention to this specific provision. The following are some of the terms that the agreement stipulates:
- Day-to-day use of the property
- Where parking is allowed in the facility
- Kinds of pets permissible
- The types of holiday décor applicable
- Any limits on the use of the common areas
- Guests, parties, events, and functions
- Utilities and other allied services
- Periodic maintenance of the facilities
- Improvements and assessments of the facilities concerned
- Property taxes and other allied costs
Writing a condo lease agreement
To be on the safe side of issues, you have to use a template to draft this lease. The template basically provides the blank spaces to fill in the information, but it will still require some modifications as per your requirements. On the other hand, you can take a wizard, which comprises a series of step-by-step questions that take you through from scratch to the finish. It offers explanations on the terminologies used and their implications, all with the aim of making you succeed in the process. This undoubtedly is the best solution to drafting an agreement of this kind.
Condo lease agreement templates
Commercial Lease of Condo
Even though they are primarily leased for residential needs and uses, the condominiums may under special circumstances, be leased out for commercial uses. Private practitioners like doctors, lawyers, computer programmers, and photographers may lease these condominiums and use them as their base of operations.
In such a case, the language, as do the terms of the lease, more or less apply as in that of a residential lease agreement. This notwithstanding, the commercial lease may restrict the use of the condominium to certain purposes and tasks. It is hence, a good thing to do to pay keen attention to the “use” provision of the agreement.
Some jurisdictions may require a special permit to convert the condominium to commercial ends. If such a provision exists, we opine that you make every effort to meet it as you do not want to ruffle feathers unnecessarily with the powers that be.