RENTAL PRACTICES POLICY
The following rental rules and regulations apply to all RiverBridge property owners leasing all or part of their home.
Term: Purchaser of a RiverBridge unit(s) is prohibited from leasing for one (1) full year from date of purchase.
Term of Lease: Minimum lease term – 12 Months
Annual Fee Revised 2019: $250 annual administrative fee paid by the homeowner to the Townhomes of RiverBridge by January 1st of each year.
Required Documentation: Unit owner responsible for notifying property management company if home or rooms are being rented and maintaining the following updated information with the property management company at all times.
· Names, email addresses and phone number of all unit occupants
- Copy of current lease agreement with tenants
· Copy of signed statement from all renters indicating they have read community’s Rules and Regulations and agree to abide by these community governing provisions (see attached.). The signed copy must be returned to the property management company by the homeowner within ten (10) days of the date of the lease. When the lease expires and is extended to the same tenant, the homeowner need not require the tenant to sign a subsequent lease addendum. The homeowner must notify the property management company in writing of the new extension and the terms. This must be done within thirty (30) days of the expiration of the original lease.
- Tenant Lease Fine – Each week the tenant lease is not received by the property management company, the owner is subject to fines of $100.00 per week. If the owner fails to provide a copy of the Rules & Regulations to a tenant, and a copy of same signed by the tenant provided to the property management company, a $100 fine will be imposed.
Rentals/Leasing: Short term leasing arrangements are strictly prohibited at the Townhomes of RiverBridge. The following fines will apply:
· $250.00 per day for any rental that is less than a period of one year.
Any eligible homeowner (see above) leasing any portion of his/her unit must be in full compliance with The Townhomes of RiverBridge Rental Practices Policy.
Lease Agreement
I, ______, residing at __________ agree to observe and abide by all Townhomes of
RiverBridge Rules & Regulations as set forth in this document.
_______ ________________
Name Date