Real Estate: Florida/Question
QUESTION: With reference to condominium laws in Florida,I have the following question.
I live in a condo, of which I am planning to rent out.
The association charges $100 per applicant for a background / credit check and an additional $50 processing fee for approval of tenants. The property rents out for around $1650.
As a landlord, I asked my association to review the background / credit check of the applicant but was told that the association only lets the landlord know if the tenant is approved or is not approved.
Is this the approximate fee that most associations charge and does the landlord not have a right to see the background / credit check as well and not be told yes or no for the approval.
ANSWER: OK lets see what we can do in a way of giving you a solid answer. First you need to know that the cost of the credit report and background check is maybe $40. The balance of the money is kept by the Managing company. (Assuming that your condo asso is not serlf managed) The fee is paid by the renter and not you. Here is a suggestion and l have done many interviews of people who want to rent an buy a condo. I always suggest that the owner of the condo also get a credti report of their own. Even if you have to pay. You want to make sure that you do not chase anyone for back monies due. The report will also give you some idea of the kind of person that you are renting the condo to. Now that l gave you a little infromation l will say this. The cost of the report like l said really runs around $40. I know managment companys that charge $100, $150 and a few just charge the cost. The managment companies that over charge like l say most of the time are not too good of a company to have manage the condo assoc.I hope this helps you. If you have anymore questions please let me know
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QUESTION: Thanks for the answer.
If the association is charging for the background / credit check, can I legally charge the tenant a 2nd time for having another credit / background done for myself the landlord.
It seems a bit unfair to the tenant but is it legal on the landlords end to charge the tenant for another credit / background check if the association refuses to give the landlord the details of the initial check.
ANSWER: Let me make something straight here. My answers are not going to be straight to the point. Only becasue there is some informaiton l need that l am not getting from you. In order for me to give you the best answer l can. I need you to tell me how this condo assoication you are talking about is being managed. Is there a property managment company that handles these condos.? If not how is this managed. There are too many answers l can give you without knowing this informaiton it all will not be worth a dime. So if you can let me know how the property is managed that would be very simple to answer
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It is being managed by a management company that the board of directors (who are elected by the condo owners) vote in.
The board pays the management company to take care of the exterior of the properties.
In turn the management company handles the background / credit check of tenants who wish to rent.
If it too hard of a question dont worry- its not that important. I would search further to see what I could get.
Nevertheless thanks for the insights.
Hi l am not sure which part l did not answer. Let me go over this again and if l miss somehting please let me know. All the money that is collected for application fees amd credit and background check are done by the managment company. They in turn keep the application fee and service charge. Unless an agreemnet with the condo asso is made. Where by the managment agency charges a fee and hte balance is given to the condo assoc. I hope this answers you. If not please let me know the part or parts l missed