Want to Rent Your Unit?  (last updated September 18, 2012)
This page was put together by volunteers with no legal or tax training. Therefore, if you are considering renting your unit you must check with your legal and tax advisors for the accuracy of this information and how it applies in your case.
Please be careful to avoid the potentially severe penalties and risks that come from not following these rules.
 
For an example, see the article about the
crackdown going on in neighboring Dade county.

At the Summit
1. No unit can be rented for less than four months or more than once in any year.
2.
Owners who rent out their units give up the right to use any common facilities, such as the pools, during the period of the rental.
3. Anyone wishing to rent their unit must fill out paperwork in the office, including the rental contract.
4. All rental candidates must submit acceptable paperwork in the office and be interviewed.
5. The Association can directly collect the rents if owners are late on assessment payments.

Taxes
 Note that income is usually understood to be any value received either as funds or bartered services or merchandise.
1. Owners who arrange a transient rental (rent for six or less months) must pay tax to Florida and to Broward County.
If you do not have a bona fide written long-term lease (over six months) you will still owe taxes for the first six months. There are significant fines and even jail terms possible for not paying these taxes.

    > Broward County "Tourist Development Tax" of 5%
    > Florida State Sales Tax of 6%
2. Owners who rent must report the income for federal income taxes purposes.

3. Owners who rent must report the income for your state's income tax purposes, if your state of residence has an income tax.
4. Owners who rent usually will lose Florida homestead real estate tax protection on their unit.

To protect your unit and yourself financially
1. You should probably change your unit's insurance policy to special insurance for those who rent out their unit. Let your renters know that your insurance does not insure their property and that they may want to get their own renters insurance.
2. You really should seriously consider having a maintenance contract with a telephone number that your renters can call to maintain your unit.

3. You should make sure your renters are familiar with the Summit's rules and regulations. Owners are ultimately responsible for the activities of their renters.

Article from February, 2012 Observer (p.9)
Who Are You? Renter, Guest, Or ???
"Recently a couple came into the office to replace a fob that did not work. They were not in our system as an owner or a guest, but the wife said she was an owner. A quick check of the public records showed that to be untrue. The wife then said the unit belonged to her mother. When the office offered to contact the owner of record, the wife said, “… Oh … you cannot do that, she is too old to use the telephone.” Might one start being suspicious?

1) If you are a guest and an owner is not on-site, you need prior permission to be here. That is easy for the owner to do by contacting the office.
2) If you are a renter you need to have a rental contract on file in the office. Rentals at the Summit are for a minimum of four months. If anything of value exchanges hands for use of an apartment, without a rental contract on file, the owner is breaking Summit regulation. Unreported rentals also become a legal matter because taxes are due (maybe) to the county (and state). See the office with any questions. If you are a renter or a guest and your unit’s owner has not followed the rules, you may be subject to eviction. If you believe there is a problem, please make sure the owner immediately works with the office to resolve any issues before it becomes a problem for you.

These rules are in place to protect owners’ property and to protect us from possible squatters. Without these rules anyone can claim the right to use a unit, whether the owner wishes so or not. Please appreciate our position and obey our rules. All owners, renters and guests should take advantage of having their pictures on file so that they never need to carry identification. Pictures can be taken at either front desk or the office."