My wife and I are interested in buying a condominium for investment purposes. But the condo homeowner association tells us we cannot rent it to tenants and must keep it vacant or live in it. Can they legally impose this restriction on us? –Joe M.
Yes. When you buy a condominium or any property subject to homeowner association CC&Rs (covenants, conditions and restrictions), you agree to abide by them, plus the condo association bylaws and rules.
The best condo complexes have restrictions or complete prohibitions against rentals. When you see a run-down condo complex, chances are it has a high percentage of renters who don’t care about proper maintenance of the condo common areas.