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CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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Four owners in our bldg. want to sell their condo's us being

Customer Question

Four owners in our bldg. want to sell their condo's us being one of them. Now the condo association pres has given everyone 4 days to vote on changing the by laws so we cannot sell to investor's. In her letter (no meeting) she has everyone afraid of investors causing foreclosures & this even true.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 2 years ago.
While there are many common interest developments in which the association wishes to limit the number of investment properties - this is for many reasons (wishes to reduce the number of tenants - who proportionately tend to create more violations of the CC&Rs, lack personal investment in the HOA's common area, and yes, there is a bigger risk of loss - these are investments as opposed to primary residences).However, your association president must follow the HOA's (and your state's Common Interest Development Statute) to change the HOA CC&Rs and other governing documents - a letter with a 4 day vote is not sufficient to create an effective rule (even if she got it passed in this way, it would not be enforceable).