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We have 4 condos in the association with one owner who has rented out her unit and moved out, with three remainig owner occupants. This was not discussed with any of the other owners
I have concerns that re-sale and re-fi may be impacted for the others, and want to bring this up at the next meeting. No one can locate the CC&Rs, and assuming they are silent on the rental policy, which they may be, how do we build in a clause on rentals into the CC&Rs, and do you have recs on an atty to help us with this?
Assuming there is a clause and the owners actions have tied our hands, any ideas on how to proceed? We operate very informally and to date have never discussed or referenced the CC&Rs...
No one can locate the CC&Rs, and assuming they are silent on the rental policy, which they may be, how do we build in a clause on rentals into the CC&Rs, and do you have recs on an atty to help us with this?
Locate your governing documents. Try the county courthouse. The docs will likely tell you what 's necessary to amend them, assuming you want to do so. This can vary association to association and state by state.
Most HOAs hire an attorney with an HOA/Condo special practices, to handle amendements for them. Call around to other area associations for referrals.
Locate your governing documents. Try the county courthouse. The docs will likely tell you what 's necessary to amend them, assuming you want to do so. This can vary association to association and state by state.
Most HOAs hire an attorney with an HOA/Condo special practices, to handle amendements for them. Call around to other area associations for referrals.
Sound advice. The governing documents of your association will point the way.
This was not discussed with any of the other owners
Doesn't need to be discussed. You each own your own unit. Owning means not asking permission to do what you want inside your own house that you pay for.
Quote:
Originally Posted by ktsanfran
I have concerns that re-sale and re-fi may be impacted for the others, and want to bring this up at the next meeting.
If you were not formally told about these rentals..... you have no knowledge of these rentals, therefore all units are owner occupied if the bank asks for a resale certificate.
Doesn't need to be discussed. You each own your own unit. Owning means not asking permission to do what you want inside your own house that you pay for. ...
That's your assumption. It depends on what the CC&Rs may require. There are many that have restrictions on rentals.
I understand restrictions, I just dont always follow the rules when it comes to property I own. Others feel the same.
and folks like me buy those properties from HOA lien sales for dirt cheap, let the Constable throw the previous owner who didn't obey the rules out on the street, sell it for a profit to someone else, and buy more with the profits. Thank you for making 2011 one heck of a windfall year
I understand restrictions, I just dont always follow the rules when it comes to property I own. Others feel the same.
That's the very reason that HOA's and related Docs. exist --- because some buy into jointly-shared condos and multi-plexes ... and then behave like they are the only ones living there!
What about when you (or someone else) decides to take actions that will/do reduce the value of adjacent properties? Is that just their 'tough luck?'
We are talking about following rules about renting the unit you own, nothing more. There are many, many ways around this.
Foreclosures are going to climb and climb, eventually HOA/condo are going to realize units with renters equals dues getting paid. Foreclosure equals no dues, sometimes for years. When enough units stop paying, they will look the other way. They will have no choice.
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