Tarter Krinsky & Drogin Partner Steven Troup was quoted in the New York Times Real Estate Q & A column on April 12, 2009. Steve discusses whether common charges are billed to the tenant of a condominium.
“The rent charged under a lease for a condo usually includes the amount of common charges the unit owner pays to the condo association,” said Steve. He also noted “the owner then separately pays the common charges and assessments, if any, directly to the condo association.”
Steve explained that because rent is usually based on the fair market value of the unit, it is only indirectly related to the common charges. Increased common charges and assessments during the term of a lease typically aren’t passed through to the tenant, but a clause in the lease may provide for an increase.
Steve chairs the Cooperative and Condominum Practice.
|Troup, Steven Of Counsel||Of Counsel||212.216.8020|