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Am I "grandfathered in" to rent my unit in regards to my…

Customer Question
Am I "grandfathered in" to...
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: 2 years ago.Category: Landlord-Tenant
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Answered in 7 minutes by:
1/18/2016
Lawyer: Lucy, Esq., Attorney replied 2 years ago
Lucy, Esq.
Lucy, Esq., Attorney
Category: Landlord-Tenant
Satisfied Customers: 32,264
Experience: Attorney
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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.

If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.

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Customer reply replied 2 years 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?
Lawyer: Lucy, Esq., Attorney replied 2 years 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.

Please rate my answer positively before signing off. This is the only way experts get paid for the time spent answering questions. When you do not rate, the site keeps 100% of your payment and experts receive nothing. If you are on a mobile device, you may need to scroll to the right. Thank you.

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