One of the perks of owning property, especially a condo, is that owners may be able to rent out their condo out as a source of income. As such, condos are often a popular source of investment, as condo owners are usually free to rent out their properties to whomever they’d like, and at whatever rent they set, without intervention from a condo association board. However, this freedom can be a catch-22; owners are free to do with the condo what they like, but when problem tenants exist, resolving the issue can be a problem for the owner and the condo association.
While a person who buys a residential home typically has the right to do nearly anything with their home that they want, including own a pet, there are some unique rules regarding pet ownership as it pertains to condo associations. While the topic is controversial, condo associations have the right to prohibit condo owners to keep pets, or can place limits on the types or numbers of pets that owners can have.
In late May 2017, a Lynn man was injured in a car crash that was caused by a drunk driver on Storrow Drive near the Charles Street exit. According to a report published by CBS Boston, the injured man was talking to police outside of his vehicle (he had been pulled over for traffic violations), when the incident occurred.
RESPA, or the Real Estate Settlement Procedures Act, is a law that has been in place since the 1970s, and is designed to help protect homeowners during the home-buying process. In 2013, the Dodd-Frank Act was passed, which enhanced disclosure requirements found in RESPA.
If you own a townhome, condo, or other type of attached dwelling, you may be obligated to pay Homeowners’ Association (HOA) or Condominium Association (COA) fees. These fees typically help to pay for building maintenance and yard work, trash and sewage, insurance and repairs in the event of a natural disaster, such as severe rain or wind damage.