Legal Question in Real Estate Law in New Jersey

Re: condo by-laws

This usually means short term, which could eliminate solely summer rentals. Is there is minimum time period specified for a rental (e.g., six months). Maybe you could have a longer lease with a clause allowing earlier termination (maybe with a penalty attached). Add the monthly rental and the penalty and charge the aggregate the same as you would for a summer rental. For example, you are getting $4,000 a month for 5 months ($20,000). Assume a six month minimum is allowed. You charge $3,500 a month for 6 months, but allow an early termination after 5 months with a $2,500 penalty, to be held in escrow. Tenant leaves after 5 months, you get $17,500 rent for 5 months, plus $2,500 termination fee. This is the same as $4,000 for 5 months.

Re: condo by-laws

There should be a definition section in the by-laws, look there first. If you do not find the definition, call or write the association and ask for a definition, and how it has been applied. I could be weekly rental, but not include rentals for 4 or 6 weeks. Perhaps it prohibits all but seasonal rentals.

Kevin J. Begley