Drick has an interesting assumption; however, changes to the VRLTA 2 years ago now LIMIT who is entitled to receive a copy of the tenant lease/information * another GREAT reason not to use the VAR residential lease.
I ONLY provide a copy of the lease in the case of a community with secure entries and the tenant agrees to this in the lease document.
If the original HOA governing documents do NOT have this requirement, landlords and property managers need to follow the state law!
Lazy HOA boards can check the local tax assessor records for who gets tax bills AT the property and who does not!
Most condominium associations require that a copy of any lease be provided to the association management so they can keep track of how many properties in the complex are rentals. Some require the owner obtain permission from the board in order to rent out their unit. If you ignore the rule, thinking you'll get grandfathered in later, you might be in for a sad surprise. Since you were in violation from the start, don't expect special treatment and if the board must disapprove an owner's request to rent out his property, you may not have any recourse.
Associations often adopt the limit to ensure they don't go over 50% rentals which would make it more difficult (or impossible in some instances) to obtain financing for new buyers. If renting your unit pushes them over the limit, that could mean no further sales to buyers who intend to occupy (unless they are paying cash-which is highly unlikely) and if investors are then the only ones who can buy, it pushes the condominium further into being rentals. If your association has rules on renting out your unit, be sure to follow them.
Drick Ward, Realtor 757-227-9007
Exit Realty Central - Hampton Roads, Virginia
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
LandlordWhisperer
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