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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I bought a condo unit for investment last May 2016. The

Customer Question

I bought a condo unit for investment last May 2016. The condo unit was on foreclosure. I received a letter yesterday October 21st that I cannot rent the unit for a period of two years. However, at the time of purchase of the unit neither the realeastate agent nor the Condo management informed me of such a unit. In fact it was the Condo unit which facilitated for the tenants by providing them keys and parking stickers. If the condo unit has a rule this should have been brought to attention before committing my self for the purchase of unit
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 month ago.

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Expert:  RealEstateAnswer replied 1 month ago.

Good morning. Just to be clear, there is a rental restriction imposed by the Association, which requires owner to wait 2 years before renting? If so, did you obtain a copy of the rules, regulations and restrictions, prior to buying the condo?

Customer: replied 1 month ago.
No I was not made aware nor given the rules before purchase of the unit.
Expert:  RealEstateAnswer replied 1 month ago.

Thank you for the additional information. All condos have Associations, which govern and regulate the rules and regulations of them. A buyer takes the property, subject to the rules and regulations that are in place, when they buy. The buyer does have an obligation to obtain and perform their due diligence, prior to buying, to review this and be aware of them. When buying a property at foreclosure, the buyer has to obtain these ahead of time, so that they know what they can and can not do. It us not uncommon for a Condo Association to impose rental restrictions and other rules and time limitations on the condos which are owed. In this case, the obligation does fall on you, as the buyer, to look into this and ask for and obtain a copy prior to buying at auction. Properties at auction, which are foreclosures, are sold "as is' and the court is not required to provide or disclose anything and all buyers need to research as much as possible, about the property, before purchasing. I know this is not ideal or what you were hoping to hear in this case since you spent a lot of money on this investment but from a legal standpoint, the 2 year wait can be imposed and this needed to be investigated prior to purchase.

Expert:  RealEstateAnswer replied 1 month ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!