In the state of Connecticut actually a landlord may hold the equivalent of two months rent Which can be either "a last months rent plus security" or simply a "security deposit" which is larger equivalent to two months rent. Any security deposit held must be held in a designated account that is an interest-bearing account. Don't get too excited, the new required interest rate is a measly .011%. The security deposit plus interest is then paid back to the tenant upon vacancy IF After an inspection of the premises is satisfactory In terms of the contract/lease. The landlord has a maximum of 30 days, from the date you vacate the premises, to return the security deposit with interest to you. If I am representing the landlord I almost always suggest that these funds be called security deposit. Another interesting fact is that the language of a Connecticut lease documents typically includes verbiage that says the security deposit is not to be considered or used as rent money. Therefore if a tenant did not pay their last months rent in theory the security deposit money would not be legally applied to that last months rent. Likewise tenant cannot call the landlord on their last month of tenancy and request that the securoty deposit be applied towards the last months rent and Iskip sending the rent check. Security deposit money is specifically earmarked only for damages caused to the dwelling by either neglect, negligence or misuse. But no matter how you slice it, when you enter into a new lease you have to come up with first months rent plus the equivalent of the other two months of rent (Whether you call that other equivalent of two months rent a security deposit or security deposit plus last months rent). I I hope this is helpful!
Feel free to call me anytime.
Realtor Lisa Jones 203 – 218-6664... more
I note that you seem to live in New Jersey. By all means check with the appropriate folks mentioned, your lawyer, the association board or the management company. Your state regulations may differ from ours in Conn.
I think I would also try and find buyers for the 2 units in foreclosure. Once these are bank owned, their sale prices may depress you values for years to come!
Jay Cooke... more
I suggest that you contact the management company of the complex as there may be penalties involved regarding renting out your unit if you have not occupied it for a minimum of two years.
If you have signed an exclusive representation agreement with your agent then you cannot respresent yourself to lease it out until that agreement expires.
Good luck to you!
Prudential Connecticut Realty... more
We have several properties available for rent that will offer a 6 month term. Of course, the selection of rentals depends on your specific criteria and price range. We also require a credit check to show credit worthiness.
Please let us know if we can be of assistance.
Good luck.... more
Hi, If you are still searching, please send me an email email@example.com do discuss the specifics of your rental. I am a local agent specializing in Greenwich and Stamford, CT (with offices in both locations).
The replies by Laura and Ron are correct. The only thing I would add is that the reason HOA's may place a limit on the number of units which can be rented out, rather than owner-occupied, is primarily to insure units can be sold when owners wish to sell. Banks like to fund mortgages in complexes that are at least 60% owner-occupied. When a complex is greater than 40% renter-occupied they often will not fund a mortgage and the only way to sell a unit would be for a buyer to pay all cash. So this rule is actually in place to protect you and other owners when it comes time to sell. To determine if this is the case in your complex you do need to retain a real estate attorney. Good luck.... more
In Stamford you have some Realtors that charge a fee to the tenant and also collect a fee through the MLS or the corporation that may own the building/complex. In Connecticut we have what we call buyer agency. If you use a Realtor they by law are supposed to have a conversation regarding the different types of representation that exist in this state as well as have you sign a buyer agency agreement that spells out exactly who they represent and how they get paid (this should occur upon the first meeting). They also need to disclose to the buyer/tenant what fee's are involved and who pays them regarding the properties that they are showing.
Keith Balentine... more
Yes, you can find a two bedroom rental for four individuals. It's important to note that the health department has a square foot requirement for the bedrooms size. The bedroom must have at least 70 square feet to allow two persons. Visit www.cityofstamford.com to find information about zoning laws and regulations. Please note that your credit will be checked for every rental you apply for and this can effect your credit. You may want to get your free credit report and supply that to your realtor or the potential landlord.... more
Welcome to Stamford! I love this area (I may be biased since I live here).
If have not found the perfect place, feel free to reach out. Rentals in Stamford change go quick and the inventory is updated every day.
Additionally, if you have general questions about the area, its schools or anything outside of real estate too, feel free to reach out.
Equity Capital Real Estate
(203) 280 3838... more
Hello Stam and thanks for your question.
First, rental restrictions, if there are any, normally exist in the condominiums CC&Rs, and not in the condominium bylaws. The bylaws usually provide the Board with specific authority to govern the homeowners association, while the CC&Rs provide restrictions against specific use (such as rental) of the unit. The CC&Rs are usually recorded documents--meaning that any of the restrictions noted in the CC&Rs actually affect the homeowner's deed. Thus, any changes to the CC&Rs is usually far more complicated than a simple majority of members holding their hands up in the air at a meeting. Normally, to change parts of the CC&Rs, the association needs a majority of the entire membership to approve a change--not just the majority of members at a meeting. To be certain, however, you'll need to read your CC&Rs to see how changes will be made at your homeowners association and in your state.
As Mack correctly noted below, if your homeowners association rules and CC&Rs do not currently prohibit the rental of the home within the community AND you already have a fully executed rental agreement, any change to the rules to restrict rentals will not affect you since the HOA's rule changes are not and cannot be legally retroactive. However, if the homeowners association does approve a rental restriction and your home may no longer be rented in the future, if your tenant moves out, you may certainly find that you cannot rerent your home again.
Finally, before you accuse the other members of making this rule due to the race or ethnicity of your tenant, consider this little factoid of great importance. Most lenders will NOT provide loans in condominium communities where the number of rentals exceed 40 percent of the total number of homes. So, if your community is very small--say only 5 homes--and 2 of the units are rented, this would constitute 40 percent of the total units available for rent and can also jeopardize any other members ability to sell their home. Keeping the number of available rentals to a minimum is key to ensuring the continued sale and lending on homes at your condo community. Although governing documents of many older homeowners association never had rental restrictions previously, with the change in the economy and with stricter lending guidelines, many HOAs across the country are wise to adopt restrictions that will comply with Fannie Mae and Freddie Mac lending guidelines for rentals.
So, check your governing documents first, and talk with the Board of Directors and other members about the rental of your home. Keep the race issue out of your discussion if you hope to win over the other members of the community.
Grace Morioka, SRES
Area Pro Realty
Email: GraceAreaProRealty@att.net... more