leasing

We are a 43 unit senior condominium in NE. Our documents allowing for leasing of a unit as long is the lease is for 90 days and the lease includes a provision that the person who leases it has to abide by the rules of the associaition.

Some time ago, the Board made the decision that a unit could not be sold for the purpose of renting. Thus I could move an lease my unit but a new owner could not lease a unit the owner has not lived in. I don't know if this decision is valid since our documents allow leasing of units.

I personally prefer the owner occupies each unit, but we can't go by my preference.

I am certain the Board made this decision because we don't want an investor buying multiple units and renting them.

I have the same question as Janet, Bonnie.

In addition, the 90-day lease minimum, that you state is in your "documents": Which documents?

Hi Bonnie:

The Board cannot have a regulation that circumvents the Master Deed. The Master Deed CCR’s is the document which is attached to everyone’s property, was agreed to by all, and is the ultimate legal binding document. Rules and Restrictions are minor rules which are essentially meant to regulate common areas such as pool rules, clubhouse rules, etc. These are rules adopted by just a handful of owners and may not be legally binding.

In essence in a court of law the Master Deed most likely will supersede and win over the regulation. If the homeowners want the “buying for purpose of renting” then the Master Deed should be amended to make it absolute and legal.