I live in a private community in New York. There are often problems between the management company that owns the community and the residents living there. In the community, there are three commercial properties (child care, deli, architect's office) that pay rent to the management company that collects from our condos. No one in the management company currently possesses a broker's license, but they collect rent from the commercial property. If I am correct, this is not legal. A broker's license is not required to collect rent from a condonminium, but is required to do so from a commercial property. There is no attorney present in the company so there is no exemption there.
Focus: Is there some kind of loophole that the management company is instituting so that it is able to collect rent from the commercial properties in the community? Will they need to "hire" a lawyer or lease out that portion of their contract to another firm with a broker's license?
After being wronged by this company in the past, I would appreciate any knowledge on this subject.
Focus: Is there some kind of loophole that the management company is instituting so that it is able to collect rent from the commercial properties in the community? Will they need to "hire" a lawyer or lease out that portion of their contract to another firm with a broker's license?
After being wronged by this company in the past, I would appreciate any knowledge on this subject.