Rent Out

Many of the Co Owners at GTC do not live on site and need to rent out their units.  Just so everyone knows, Regent Company has been set up on site to completely manage the rental process for you.  They will get tenents, take care of the lease, take care of maintenance.  Regent has been getting higher lease amounts per month that offsets their fees.  Unless you manage properties for a living, it makes sense to use REGENT in those times where you need to rent your Condo.


GTC BYLAWS SUMMARY:

  • Rental Agreements must be for a period of at least one year
  • All tenants living in a Rental Unit must be on the Rental Lease Agreement
  • Renting out less then the entire CONDO is a violation of the GTC BYLAWS
  • All rental lease agreements must be on file with COMPASS


RENTAL PRICE ESTIMATE (LOWER)


CITY RENTAL REQUIREMENTS:

What Renters Need:


WORRY FREE RENTAL OF YOUR CONDO:

renting-vs-owning.jpgGTC board of Directors has set up a complete solution to those that need to rent out a Condo at GTC but do not have the time to manage it. Our management service is designed to make your rental experience a trouble-free endeavor (not a hobby or a job). We keep everything simple!

ONE LOW MONTHLY FEE FOR COMPLETE PROPERTY MANAGEMENT SERVICE.  We keep vacancy to a minimum and help eliminate costly repairs through careful tenant screening and regular property inspections.  We do all the bookkeeping, arrange all repairs and maintenance and we sign the rental agreement.  The tenants call us if they have a problem and we call them if the rent is late.  We can not remove all the risks of owning a rental property but we can help maximize your cash flow and return on investment.  The Tenant does not even have to know who you are!  You will not have to deal with "Rental Problems"!

Regent Property Management LLC

4 Parklane Blvd Suite #195

Dearborn MI 48126

Tel (313) 277-3356

Fax (313) 277-3256

Email: info@Regentpmc.com



BYLAW DETAIL:

 A Co-owner may lease his Unit for the same

purposes set forth in section 1 of this Article Vl: provided that written

disclosure of such lease transaction is submitted to the Board of Directors

of the Association in the manner specified in subsection (b) below. No

Co-owner shall lease less than an entire Unit in the Condominium and no

tenant shall be permitted to occupy except under a written lease, the initial

term of which is at least twelve months, unless specifically approved

in writing by the Association. Such written lease shall (i) require the lessee

to comply with the Condominium Documents and rules and regulations of

the Association; (ii) provide that failure to comply with the Condominium

Documents and rules and regulations constitutes a default under the

lease, and {iij} provide that the Board of Directors has the power to

terminate the lease or to institute an action to evict the tenant and for

money damages after fifteen {15} days prior written notice to the

Condominium Unit Co-owner in the event of a default by the tenant in the

performance of the lea$e. The Board of Directors may suggest or require

a standard form lease for use by Unit Co*owners. Each Co-owner of a

Condominium Unit shall, promptly following the execution of any lease of

a Condominium Unit, forward a conformed copy thereof to the Board of

Directors. Under no circumstances shall transient tenants be

accommodated. "Transient tenant is $someone who occupies a Unit for

less than the minimum period required above regardless of whether or not

compensation is paid, The terms of all leases, occupancy agreements

and occupancy arrangements shall incorporate, or be deemed to

incorporate, all of the provisions of the Condominium Documents. Tenants

and non0o-owner occupants shall comply with all of the conditions of the

Condominium Documents and all leases, rental agreements, and

occupancy agreements shall so state. The Developer may lease any

number of Unit* in the Condominium and for such term{s} as it, in its

discretion, may elect.


Co-owner, including the Developer, desiring to

rent  or lease  a Unit shall disclose that fact in writing to the Association at

least ten (10) days before pre$presenting a lease form to a potential lessee of

 the Unit and,  at the same time, shall supply the Association with  a copy

of the exact lease form for its review for its  compliance with the

Condominium Document$. Co-owners who do not live in the Unit they own must keep the Association informed of their current correct address and phone number(s). If the Developer desires to rent Units before the Transitional Control Date, it shall notify either the

Advisory Committee or each Co-owner in writing. The Board of Directors

may charge such reasonable administrative fees for reviewing, approving,

and monitoring lease transactions in accordance with this Article Vl,

$section 2 as the Board, in its discretion, may establish. Any such

administrative fees shall be assessed to and collected from the leasing

Co-owner in the same manner as the collection of asses$assessments under

Article ll hereof. This provision shall also apply to occupancy agreements


violation of , Condominium, ,Documents by Tenants. or Non Co-Owners,

Occupants.. lf the Association determines that the tenant or nonCo-owner

occupant has failed to comply with the conditions of the Condominium

Documents, the Association shall take the following action:

The Association shall notify the Co-owner by certified mail

advising of the alleged violation by the tenant or non Co*owner

occupant.

(2) The Co-owner shall have fifteen (I5) days after receipt of such

notice to investigate and correct the alleged breach by the tenant

or non Co-owner occupant or advise the Association that a

violation has not occurred.

lf after fifteen (15) days the Association believes that the alleged

breach is not cured or may be repeated, it may institute on its own

behalf or derivatively by the Co-owner$ on behalf of the

Association, if it is under the control of the Developer, an action for

eviction against the tenant or nonGo-owner occupant and

simultaneously for money damages in the same action against the

Co-owner and tenant or nonCo-owner occupant for breach of the

conditions of the Condominium Documents The relief set forth in

this subsection may be by summary proceeding. The Association

may hold both the tenant or non Co-owner occupant and the Co-owner

liable for any damages caused by the Co-owner or tenant

or non Co-owner occupant in connection with the Condominium

Unit or the Condominium and for actual legal fees and costs

incurred by the Association in connection with legal proceedings

hereunder.

© GTC Board of Directors  2017