Versailles Co-op Important Facts

Versailles Resale Application Process

Important Notes

• Maximum financing permitted is 80%.
• Incomplete applications will be returned.
• All required documents, letters, and fees must be submitted before review.
• All adult occupants who will reside in the apartment must be listed on the application and attend the Board interview if requested.
• Dogs are not permitted.

Purchaser Non-Refundable Application Fee

• $1,500 application fee payable with submission.
• Includes up to two credit check fees and a $250 move-in fee.

Refundable Move-In / Move-Out Deposit

• $500 refundable move-in / move-out deposit submitted separately with the purchase application.

Financing Requirements

• Financing may not exceed 80% loan-to-value

Occupancy & Use Restrictions

• Apartments must be used as private dwellings only.
• Only approved occupants listed in the application may reside in the apartment.
• Guests may stay temporarily but long-term occupancy restrictions apply.
• Business use or alterations may require additional approval.

Flooring & Alteration Requirements

• Floors must be covered with carpeting and padding in accordance with building policies, except in kitchens, bathrooms, and closets.
• Alterations and renovations may require prior approval from management or the Board.

Versailles House Rules & Regulations

Building Conduct & Common Areas

• Hallways, stairways, elevators, and public areas may not be obstructed or used for storage.
• No items may be hung from windows, balconies, doors, or placed on ledges or roofs.
• Children are not permitted to play in hallways, stairways, elevators, or on the roof.
• Apartment entrance doors must remain closed at all times.
• No decorations, hooks, wreaths, plaques, or other items may be attached to hallway-facing apartment doors.
• Additional locks or locking mechanisms require prior Board approval.

Noise & Quiet Hours

• Residents may not create disturbances that interfere with neighbors’ comfort or convenience.
• Loud music, television, or musical instruments are prohibited between 11:00 PM and 8:00 AM.
• Construction, repairs, and installations are only permitted weekdays from 9:00 AM to 5:00 PM.
• Contractors must stop work by 4:30 PM and leave the building by 5:00 PM.

Deliveries & Moving Policies

• Food deliveries must be picked up in the lobby and cannot be delivered directly to apartments.
• Move-ins and move-outs are permitted Monday through Friday, 9:00 AM to 5:00 PM (excluding holidays).
• All contractors must use the service entrance.
• Elevator use for moves may require a fee and a security deposit.

Hallway & Storage Rules

• Bicycles, scooters, mopeds, and baby carriages may not be left in hallways.
• Electric bikes and electric scooters are prohibited in the building.
• Residents are limited to three bins in the resident storage room.
• Shopping and moving carts must be returned promptly and may not be left in elevators.

Balcony & Exterior Guidelines

• No awnings, projections, or unapproved air conditioners/ventilators may be installed.
• Balcony planters require written approval and must meet placement requirements.
• Ceramic tile coverings on balcony floors are prohibited.
• Balcony and townhouse lights may not be drilled into building surfaces and must be turned off by 10:00 PM.
• Exterior painted window sills and/or bricks are the shareholder’s responsibility.

Renovations & Alterations

• Shareholders must submit an Alteration Agreement before beginning renovations.
• Licensed and insured contractors are required.
• Unapproved work may be stopped immediately by management.
• Washing machines and dryers, including portable units, are prohibited in apartments.

Flooring Requirements

• At least 80% of apartment floors, excluding kitchens, bathrooms, and closets, must be covered with carpeting or other sound-reducing material.
• Oil-based polyurethane finishes are prohibited. Only water-based polyurethane is permitted.

Insurance & Maintenance Responsibilities

• Shareholders are responsible for maintaining homeowners insurance that covers apartment damage, including leaks from air conditioners or neighboring units.
• Proof of insurance may be required before maintenance staff performs non-emergency work.
• Residents are responsible for maintaining air conditioners, including cleaning condensate drains and monitoring for excess condensation.

Recycling & Trash

• Residents must comply with all recycling regulations and properly separate trash, recyclables, and composting materials.
• Violations and related fines imposed on the cooperative may be charged back to the resident.

Apartment Showings & Open Houses

• Open houses, group tours, and tag sales are not permitted without Board approval.

Pets

• Dogs are prohibited except for certified emotional support or service animals.

Smoking & Secondhand Smoke Policy

• Residents may report secondhand smoke entering common areas or apartments in writing to management.
• Management may investigate and require inspections or remediation.
• Failure to comply with remediation requirements may result in legal action, lease violations, fines, or eviction proceedings.

Financial & Administrative Policies

• Monthly maintenance payments received after the 15th may incur a $50 administrative fee.
• Returned checks are subject to additional fees.
• Shareholders selling their apartment are subject to an $ 8-per-share flip tax.

Violation Fees

• First violation: $100 administrative fee
• Second violation within 24 months: $150 administrative fee
• Third and subsequent violations within 24 months: $200 per violation

A complete set of The Versailles House Rules is available here.

Versailles Sublet Policy

Eligibility to Sublet

• Shareholders must own and reside in the apartment for at least two (2) years before becoming eligible to sublet.
• All sublets require approval from the Screening Committee and/or Board of Directors before occupancy.

Sublease Term Limits

• Initial sublease terms are limited to one (1) year.
• Renewal requests require additional Board approval.
• No individual sublease may exceed three (3) years in total.
• Current policy also states subleases must be for a minimum of six (6) months and no more than one (1) year per lease term.

Sublet Fees

• Shareholders are responsible for paying an annual sublet fee equal to 25% of the yearly maintenance charges.
• The fee is added to the shareholder’s monthly maintenance payments.
• If a new subtenant is required after a prior tenant leaves or defaults, a new application and additional administrative fee may apply.

Move-In & Move-Out Policies

• Moves are permitted Monday through Friday between 9:00 AM and 5:00 PM.
• A refundable security deposit and non-refundable move fee may be required.
• Elevator use is limited during moves and subject to building scheduling requirements.
• Licensed and insured movers are required.

Shareholder Responsibilities

• Shareholders remain fully responsible for their apartment and subtenant compliance during the sublease period.
• Shareholders are responsible for ensuring that tenants comply with all proprietary lease provisions, house rules, and building regulations.
• Rent payments may be assigned directly to the cooperative if maintenance obligations are not met.