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I've lived in my unit for many years and when I had to move on the value of the property was too low for me to sell. So I rented it out hoping to recap my lost value in time. The HOA bylaws allowed owners to rent which is the agreement i signed when I bought many years ago. Now there is a rumor that the board will outright ban renting (there were no restrictions previously other than lease length and no partial unit rentals). This of course makes me very upset since it's not the rules I agreed to.
Anyway, does Illinois law allow me to be grandfathered in to the original rule?
If not, what is to become of my tenant if they have a signed lease?
What are my legal rights in Illinois if renting is suddenly banned?
I've lived in my unit for many years and when I had to move on the value of the property was too low for me to sell. So I rented it out hoping to recap my lost value in time. The HOA bylaws allowed owners to rent which is the agreement i signed when I bought many years ago. Now there is a rumor that the board will outright ban renting (there were no restrictions previously other than lease length and no partial unit rentals). This of course makes me very upset since it's not the rules I agreed to.
Anyway, does Illinois law allow me to be grandfathered in to the original rule?
If not, what is to become of my tenant if they have a signed lease?
What are my legal rights in Illinois if renting is suddenly banned?
If the bylaws do change then they may well address grandfathering. A lease is a binding contract and certainly no current lease that you have with a tenant can be overturned by any HOA. If and when the board adopts any changes, best you consult with a local attorney. Good luck!
This is a bad situation. Most of the community is disengaged. The 20% who rent like me don't live in the state. The ones that now control the board purchased when value dropped by 50%. They are not concerned about triggering forecloses.
It's good that they can't kick my tenant out, but I'll just have to walk away from the home once the lease is up. I see nothing in IL law that says they can't take away my right to renew or submit a new lease when the current one is up.
If I ever buy again, it will never be in a community with an HOA again.
I see nothing in IL law that says they can't take away my right to renew or submit a new lease when the current one is up.
If I ever buy again, it will never be in a community with an HOA again.
Yes, in most jurisdictions these HOAs are charter organizations who can pretty much get away with demanding owners do whatever the board in its (so often misdirected) wisdom decrees. I never have and never would live in an HOA-regulated community, nor in a condo where the association nitpicks every minor detail ...
Hopefully the selling market where your unit is located will pick up so you can walk away with good money to invest elsewhere. Good luck!
This is a bad situation. Most of the community is disengaged. The 20% who rent like me don't live in the state. The ones that now control the board purchased when value dropped by 50%. They are not concerned about triggering forecloses.
It's good that they can't kick my tenant out, but I'll just have to walk away from the home once the lease is up. I see nothing in IL law that says they can't take away my right to renew or submit a new lease when the current one is up.
If I ever buy again, it will never be in a community with an HOA again.
Re IL law...the HOA would trump it. If possible, you might get other landlords/investors to band together to point out to the board some of the things you are saying. And the issues of so many walking away and the community having so many vacant properties and foreclosures. And see if you can let residents know as well. May wake them up.
"Disengaged". I'll have to remember that word. An apt description in many cases.
There have been several high profile cases of HOA going after and fining owners for not maintaining lush green lawns in California in spite of the drought and water restrictions...
A new State Law preempts this and was just signed be the governor.
They interviewed one HOA president who simply said we have rules and the owners agreed when buying in... guess it will cost the HOA thousands of dollars to continue down that path...
HOA rules don’t trump state law nor Federal law nor Constitutional law !
Unfortunately many of the pea-brained HOA presidents get a god-complex and they think that way.
And get away with it.
They would not be able to take away your property-ownership rights, which include the right to lease out, IF that right was not restricted when you bought the property.
That doesn’t mean they won’t pass just such an HOA rule taking them away!
They can and will and have made such rules.
What it does mean is that if they do,
that you will then have to sue them silly,
and teach them a lesson!
If you lay down and accept it, as many do, the rules stand.
HOA rules don’t trump state law nor Federal law nor Constitutional law !
Unfortunately many of the pea-brained HOA presidents get a god-complex and they think that way.
And get away with it.
They would not be able to take away your property-ownership rights, which include the right to lease out, IF that right was not restricted when you bought the property.
That doesn’t mean they won’t pass just such an HOA rule taking them away!
They can and will and have made such rules.
What it does mean is that if they do,
that you will then have to sue them silly,
and teach them a lesson!
If you lay down and accept it, as many do, the rules stand.
.
Correction....it APPEARS and the hoas often ACT LIKE ITS a FACT that the hoa laws trump. And I do know there are some places where the state does not want to get involved in hoa issues. Nor does the city or town because keeping the hoa board happy means that much less land, that many fewer people and roads to patrol if it's private, that many fewer tennis courts and pools etc to pay for to keep people occupied and happy, etc. And those disengaged folks...disengaged from being beaten back or beaten down by boorish board members....they'll just go along, fed up, or they'll move on.
Um, you are the HOA ( Home Owners Association ) Check to see what percent is needed to change by-laws. Often it is 100%. Just vote no. Otherwise join with other landlords.
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