Condo BOD Rules on resells

[KC1957]

What is the name of your state? Georgia

Condo BOD has place a recent covenant that units can only be sold to owners that will occupy the property. Can this be done? I have an interested party that would like to purchase but for investment only. Owned property for more than 20 years and this covenant was not in place at the time of my purchase.What is the name of your state?

 

[nextwife]

Because of the high "failure" rate of condo projects that DON"T restrict non-owner occupancy, and the fact that complexes with high rental rates may not meet Fannie Mae mortgage underwriting guidleines, association boards that understand these issues have moved proactively to prevent high rental rates occurring. If the change was made leaglly, you ncannot know rent the unit without meeting their requirments.

 

[Shel77]

Changes such as amending the CC&R's in almost all instances require a 2/3rds yea vote. Check your doc's and see what the requirements are and make sure it was done correctly. If so then you must abide by them.