Holiday Home Owners Support Team
CLC Reference: 205312
Month rental unit – Regal Oaks lot: RO 402 / unit: 2704 Coupe
Dear Mr I Petrov
Following your recent purchase of a townhouse at Regal Oaks we have pleasure in enclosing the relevant paperwork in relation to the rental of your unit.
Rental Management Agreement
Attached is the standard rental agreement. However, please note the following:
The agreement refers to an Initial Term and then a Renewal Term
(a) Initial Term – 12 months fixed term. As you will see in clause 6(a) the rent will be a fixed monthly sum, as agreed.
(b) Renewal Term – either you or CLC can give 120 days written notice advising not to renew at the end of the Initial term. However, if no written notice is given by either party the rental automatically renews and then runs to the end of that year and thereafter for a further 12 months and so on. The rent will be based on actual income received from renting the property, which is explained further in clause 6(b), not on a guaranteed basis as in the Initial Term.
Legal Responsibilities
It is illegal to operate a rental property in Florida unless the owner has registered with the local county – in this case Osceola.
A property owner also has certain tax obligations in Florida which necessitate obtaining a tax ID number and completing annual tax returns. It is also necessary to have a US bank account. Until a property owner has a tax ID it is incumbent upon CLC to retain 30% of all income earned to offset against any subsequent tax liability. If the owner has a tax ID in place there is no such withholding tax, although an annual tax return still needs to be completed.
You can naturally deal with the whole process yourself. However, to save you time and inconvenience in researching suitable services we have negotiated what we believe to be excellent rates with a local company called Luker Properties Group, who will no doubt be in contact with you directly in due course, but you can reach them as follows:
UK telephone: (+44) 203 002 0536
US telephone: (+1) 321 244 2531
Email: admin@lukerpropertiesgroup.com
(Part 2 ) Invoices
We will need an invoice in an agreed style, but we anticipate that we will be able to “self generate” such invoices and send you copies for your personal files. We are happy to provide this service free of charge and hopefully it will save you considerable administrative time.
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Insurance
Contents and public liability insurance for your property is covered under the Club La Costa blanket insurance policy for an annual premium, currently $325 USD per property. For your ease of payment, the annual insurance premium will be deducted from your rental payments, and you will be advised of the amount and schedule in advance. Building insurance for Regal Oaks is covered by the Home Owners Association.
Should you have found it necessary to take an alternative contents and public liability insurance policy during your first year, please enclose a copy of this policy for our reference, and we will contact you regarding covering your property under the CLC blanket insurance policy for the second year.
Please print, complete, and sign the following documents, checked on the list below, and return to us within 60 days of the date on this letter:
□ Two copies of the CLC Rental Agreement – both copies signed on the last page by all Owners (signature should be the same as the signature on your passport).
□ Two copy of the Rental Agreement Annexes; ‘Site and Unit Plan’, and ‘Furniture / Kitchen Inventories’, signed on each page by all Owners
□ The acknowledgement at the bottom of this letter, signed by all Owners
□ Power of Attorney Form – completed and signed by primary two Owners with full names and home address (this allows the named representatives to act on behalf of the client and pay any taxes due to the authorities)
□ Bank details form – to provide details of your US Dollar bank account held in the United States to which we will make the rental payments
□ Payment Authorisation Letter – should the US bank account not be in the name of all Owners of the property, then a payment authorisation letter is required from each Owner not named on the bank account, to authorise rental payments to that account
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□ Insurance Certificate – your property will automatically be included in the CLC Blanket Insurance policy and the premium retained from your rental payments. Should you have been obliged to take out an initial year’s policy through your mortgage provider, please enclose a copy for our records.
(Part 3) Please return all documents to the address below using a registered postal service:
Holiday Home Owners Support Team
CLC World, Ground Floor, Kennedy House, 31 Stamford Street, Altrincham, Cheshire. WA14 1ES.
Please note that we are unable to rent your property or pay out any rental monies until we are in receipt of the signed rental agreement and supporting documents, confirmation that your townhouse is registered with Osceola County, and confirmation that you have the utilities connected and in your name.
We will arrange to have the agreements signed on behalf of CLC Resort Management LLC and will forward you an original copy for your records.
Unfortunately, we are not able to give specific advice to you on your own tax position in Florida, or the USA generally, but we understand the tax treatment of rental property and rental income is very favourable in Florida.
Please do not hesitate to contact us should you have any questions regarding the completion of your Rental Management Agreement.
Yours sincerely
Holiday Home Owners’ Support Team (HOST)
Tel: +34 952 66 99 22
Fax: +34 952 66 99 71
Email: HOST@clcworld.com
Signed by all parties to acknowledge receipt of this letter
Signed ……………………………………………………….
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Date …………………………. 2014
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