4 years ago

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Do condos have house rules? We'll discuss this topic in the following video, in case you're not familiar I'm Chris at Hauseit. Hauseit is the largest For Sale by Owner and Buyer Agent Commission Rebate company in New York City established 2014. If you ever have any questions about buying and selling property in New York City and you want to learn about how you can save money on broker commissions and closing costs please don't hesitate to drop us a line, you can reach us at team@hauseit.com, and our website is https://www.hauseit.com.

Condos do in fact have house rules just like co-op apartments. In fact, the bylaws which are located in the original offering plan for a new condominium authorizes the condominium board to create a reasonable set of rules and regulations that govern everyday life in the building. It's important to point out that the original offering plan contains the bylaws which are more formally written but the bylaws then give the board permission to create a separate set of documents known as the house rules.

Now the house rules are updated regularly throughout the years and are usually more informal in writing style. Typically house rules consist of a list or several pages of bullet points and it written in a non legalize informal manner about what residents can or cannot do and any potential fines for doing certain prohibited things as well as policies for things such as subletting an apartment renting an apartment in the case of a co-op or selling an apartment. House rules will cover any range of items that you can imagine for everyday living in a condominium.

For example anything that has to do with the common elements such as the hallways the roof decks or even basement storage might be touched upon by a set of condominium house rules. Just because house rules are informally written and not in the original offering plan, it's important to note that they are just as enforceable as any other document. In fact new prospective buyers are required to sign an affidavit in most cases saying that they will comply with the house rules. So how are condominium house rule different than co-op house rules? Are they less restrictive?

Well, generally speaking in our experience the house rules for a condominium are typically shorter and less onerous than those of a co-op building. With that said, there's no reason why a condominium might not adopt a stricter or harsher set of house rules like a coop. We recommend that buyers diligence the building's house rules before agreeing to sign a contract, reviewing the board minutes and the financial statements as well as the original offering plan bylaws and the house rules with their attorney before committing to sign a purchase contract.

We hope you enjoyed this video and if you, did please remember to hit like, subscribe and leave a comment. If you have any questions we do appreciate ideas from our viewers about any questions they might have or other topics you might film. If you have any questions about buying and selling property in New York City, if you need a buyer's agent or a seller's agent and if you want to save money on commission and closing costs please don't hesitate to reach out team@hauseit.com. We hope to hear from you!

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