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Wasburnt

one year Non transfer of rental agreement to buyer in associations

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I am in contract as Buyer of property. Property association does not allow a buyer to rent a property until at least one year of ownership.  Agent misrepresented that a current contract between the seller and a proposed future tenant had any value to me as a buyer. Agent knew of these restrictions and yet stated that I could still rent the property as a new owner and  under the terms of the contract that the seller currently has with a renter. 

Agent says I assume all and knows I have no rights to rent this property as contracted by seller.
 

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You need to take your purchase contract and your situation to an attorney ASAP. You have no choice. If you go through with the purchase you won't be able to rent out the property. If you do, the HOA will fine you up the wazoo and put a lien on the property.

 

You'll want to see if you can get out of this deal. The seller has a stake in it. You have no obligation to his prospective tenant but he does and will be in breach of contract if he can no longer provide the rental, so he is at risk. Unless, of course, there is something in your contract about you assuming the contract with the prospective tenant.

 

A real can of worms that it's going to take an attorney to work through, unless you just want to back out of the deal and lose whatever money you have already put up.

 

Lesson here: Never believe anything a realtor tells you without verifying it. They are worse than car salesmen.

 

 

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Is the restriiction on renting in a recorded covenant and restriction, specifically included in the deed, or simply a preference by the board of the HOA.  In other words, it may be worthwhile to consult an attorney about whether the rstriction is legally enforceable before you breach the contract.

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