Q: Question is about changing Condominium Bylaws.
Our condo is a 11 unit building in downtown Jersey City, NJ.
Currently all units are occupied by their owners (we are one of them). Leasing of a unit is permitted as long as the lease is for at least one year and for the entire unit. Owners have no problem with this rule, but when one of the units was put on for sale recently, a couple of potential buyers approached the seller with an intent of leasing it immediately (they didn't buy it). The owners became concerned that someday, someone with a deep pocket who has little vested interest in the building would buy a unit just so that they can lease it to a tenant. A proposal has been made to add an addendum to the bylaws: "A unit owner must own the unit for at least one year before being permitted to lease the unit." The purpose of this addendum is to discourage an investor who buys a unit for a single reason of leasing it. Most owners believe this is acceptable, but one owner expresses a concern if it may lead to a lawsuit. Would it?
A: You really need to have your Bylaws reviewed by an attorney. The change could potentially lead to a lawsuit. Good luck.
H. Scott Aalsberg agrees with this answer
A: Possibly Listen to what attorney Leonard Boyer told you his advise is spot and would save your condo a lot of money in the future.
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