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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 29068
Experience:  JA Mentor
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Am I "grandfathered in" to rent my unit in regards to my

Customer Question

Am I "grandfathered in" to rent my unit in regards ***** ***** HOA? I bought my (Chicago) condo because owners could rent out their units. After years of renting it (and currently renting it), they want to vote on an amendment to give the currant landlords two more years of renting (there are 14 units and 3 of them are being rented). Can they do that? Also if I leave it vacant while while trying sell it, can I rent it again if it doesn't sell?
Any information would help, thanks, Caryn
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Lucy, Esq. replied 1 year ago.

Hi Caryn,

I'm Lucy, and I'd be happy to answer your questions today. I'm sorry to hear about your situation.

Grandfathering is not automatic. It's up to the board to include a provision in the amendment stating whether people who rented their units prior to the amendment will be continued to do so. You are free to show up at any meetings on this topic and explain them why you feel that current landlords should be grandfathered in. If the amendment doesn't say there's an exemption, then there isn't one provided by law. As long as they follow the procedure for passing an amendment, it will be valid.

Whether you can rent the unit again after it's vacant will depend upon the exact wording of the amendment they pass. If they say you all get 2 more years of renting as long as you have a tenant in there when the amendment is passed, you shouldn't have a problem. If they're only allowing existing tenants to remain for 2 years, you wouldn't be able to rent again. But in that scenario, you could try offering the existing tenant a month to month lease while you searched for a buyer.

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Customer: replied 1 year ago.
Lucy, thanks so much for your response. If I do sell my unit and buy another rental property, can I still be the sole owner (and keeper)? My husband and I both had homes before we got married. In our Will it states if we split up we keep the property we had prior to the marriage. But what if I sell mine now?
Expert:  Lucy, Esq. replied 1 year ago.

You will remain the sole owner, as long you do not commingle the proceeds from the sale with marital funds. That means putting the money into a bank account in your name only and using that money ONLY to buy the new property. You can't use any marital funds toward the purchase, or that gives your husband an interesting. For added insurance, you can have your husband sign something agreeing to waive all interests in the property - but what you need is a postnuptial agreement. A will only dictates what happens when spouses die.

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