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What are the Crucial Factors to Consider Before Booking an Oceanfront Condo?
If you are planning to book at condo then you will need to improve your knowledge and select the condo that will be right for you. There are different factors to consider, and our aim here will be to explore those factors so that you can take the right decision.
Solving Complexities Related to Booking a Condo
Deduction from Security Deposit
Many condominium corporations make it necessary for owners to create a property inspection report within 7 days of renter moving in as well as out of the unit. After the inspection is completed, the owner should provide a copy of the same to tenant. Ideally, the report should accompany photographs that were taken at the time of inspection so that those photographs can be used in case a dispute arises. Moreover, owner should keep inspection report for a minimum of 3 years. If these requirements are not met, the condo owner will not have any basis for deducting money from the tenant’s damage deposit. You should be aware of this fact and ask for an inspection report before taking possession of the condo.
It will also be your responsibility to check condominium's bylaws before signing any type of agreement to be sure there are no clauses which you are not in favor of. At the time of searching for oceanfront condo rentals you need to ask for the bylaws and examine the same to ensure that you do not have problems with rules and regulations mentioned in those bylaws. At the time of signing the agreement you need to verify that it clearly reflects the regulations mentioned in the bylaws.
Responsibility for Repairs
While looking at oceanfront condo rentals you need to have clear information about who will be responsible for repairs. Let us go through details of how this works out:
• In case any individual unit is affected then it will be owner's responsibility to fix the problem.
• If problem occurs in any common area (like recreation facility, hallway or the entry way) then you will have to get in touch with homeowner's association or the management company of homeowner's association.
• In addition to it, in case the problem occurs in one of the individual units but will affect common area (as for example, if water leaking from a condo drips onto parking area), then tenant will have to contact homeowner's association as well as the owner.
You need to be sure that oceanfront condo rentals you are looking at do not have any association dues. If there are dues then association has the right to take necessary action against the owner (such as, file a lawsuit or serve foreclosure notice).
By having prior knowledge of these details you will be able to avoid such condos and select any other condo instead.
To summarize it can be said that there are several factors you need to consider and address before you sign a rental agreement.