Rental Restrictions not in condo docs.... (Venice, Rio: foreclosure, HOA fees, mortgage)

[luzzcrew]

....here is my situation, I recently purchased a condo and the docs that were sent to me not only did not have any restrictions on rental max or min time to rent your unit, but the FAQ specifically stated that there was no max or min on renting your unit. Now I am being told that there is a restriction....if its not in the docs is it valid? Thanks for any input ....totally frustrated.

[Ladywithafan]

Originally Posted by luzzcrew

....here is my situation, I recently purchased a condo and the docs that were sent to me not only did not have any restrictions on rental max or min time to rent your unit, but the FAQ specifically stated that there was no max or min on renting your unit. Now I am being told that there is a restriction....if its not in the docs is it valid? Thanks for any input ....totally frustrated.

Check your "renter rules & regulations". There should be record somewhere if it's not in the condo documents. Call your rules & regulations chairperson, they should be able to explain it all to you.

[imagardener]

Your documents are the law, not rules and regulations. The BOD cannot pass restrictions that take away or limit ownership rights. But yes they try to do it.
If you were given the wrong documents, or incomplete that's another can of worms.

If you have read all your docs then you should go ahead and rent.

[Ladywithafan]

Originally Posted by imagardener

Your documents are the law, not rules and regulations. The BOD cannot pass restrictions that take away or limit ownership rights. But yes they try to do it.
If you were given the wrong documents, or incomplete that's another can of worms.

If you have read all your docs then you should go ahead and rent.

The rules and regulations are voted on by Board members. In your condo documents it should state rental procedures, i.e. you can rent your unit x number of times per year, whether there is a fee due upon each rental, occupancy control, etc....

[Big House]

Originally Posted by luzzcrew

....here is my situation, I recently purchased a condo and the docs that were sent to me not only did not have any restrictions on rental max or min time to rent your unit, but the FAQ specifically stated that there was no max or min on renting your unit. Now I am being told that there is a restriction....if its not in the docs is it valid? Thanks for any input ....totally frustrated.

If you hold a mortgage on the property, there may be language in the agreement with your lender about whether you can rent your condo or not as well. I know a lot of mortgage documents have language in them about that.

I agree though that if the documents you have do not have any limits or other disclaimers you should not be limited by the HOA. However, if you read them carefully you may find that the HOA has been given powers that allow them to make those kinds of decisions, by reference to their by-laws, rules, regulations, etc.... that are in your documents, without being totally spelled out. If they are included by reference as binding, then they apply just as much as if spelled out in full. - Not being a downer, just giving you something you may want to check before you spend the $$ on an attorney.

[luzzcrew]

Thank you to all of the great responses. I am hoping that this can be worked out with the board and a fair outcome for all. There is language in the by laws that states that the board can make rules....so theirs the rub. : ( I still love the condo but would love it more if we could get it rented a few months during the winter.

[Big House]

Originally Posted by luzzcrew

Thank you to all of the great responses. I am hoping that this can be worked out with the board and a fair outcome for all. There is language in the by laws that states that the board can make rules....so theirs the rub. : ( I still love the condo but would love it more if we could get it rented a few months during the winter.

If you have good tenants, and things are going well, then you can expect that they will probably be cooperative with you. They don't want to cause problems for their neighbors, its in their interest to have the homes occupied by good neighbors, and not look like it is having foreclosure problems.

[loves2read]

the HOA has more power than a bank/lender's mortgage rules
the HOA owns property in common--the bank just sells you a mortgage to buy the INTERIOR of the condo...
you should have read the HOA rules that govern condo owners do's and don't's before actually offering for the condo---the HOA also has the right to raise your monthly assessment and extract special payments for items that are beyond normal maintenance--like having to resurface the parking lot of the bldg or the pool those would cause your mortgage payment to go up if you pay HOA dues in the mortgage note or your monthly HOA fees to go up

our daughter/sil own condo in Venice--had to pay assessment when their condo bldg needed to be re-plumbed several years ago...it cost them like 2K or 3K extra and they had a smaller unit--people with two baths paid more