Condominium By Laws

[Maggie8787]

What is the name of your state (only U.S. law)? Florida

I showed a unit For Sale (REO) at a condo that of course has a condo association and I placed an offer. When I finally got a hold of the realtor to see if he had received my offer he asked if my Buyer was an investor or was going to live in the unit.

Can the association restrict the amount of units that can be rented/owned by investors and does this need to be recorded with the court in order for it to be valid. Can the investor fight this and if yes, how?What is the name of your state (only U.S. law)?

 

[dmcc10880]

What is the name of your state (only U.S. law)? Florida

I showed a unit For Sale (REO) at a condo that of course has a condo association and I placed an offer. When I finally got a hold of the realtor to see if he had received my offer he asked if my Buyer was an investor or was going to live in the unit.

Can the association restrict the amount of units that can be rented/owned by investors and does this need to be recorded with the court in order for it to be valid. Can the investor fight this and if yes, how?What is the name of your state (only U.S. law)?

If you have not seen the condo docs yet, I suggest you do for your and your buyer's sake.

The short answer to your question is yes. Many condo associations limit the number of investor owned units. For example, mine (246 units) limits the number of "rentals" to about 11%.

Your best course of action would be to review the CCRs or CIS or whatever the vernacular that association uses to see what the level of rentals/investor owned units are allowed, find out what the number is today and act accordingly.

Your investor can fight it, sure, but to make any changes would typically require a vote by the membership, not just the board of directors. Virtually impossible to accomplish from a practical standpoint.

If you do not do your due diligence, your potentially setting yourself up for a very disgruntled client, as well as headaches for you with the FREC.