garry (California)
Posts: 1
Posts: 1
Posted:
Hi Everyone,
I'm wondering if anyone has information about how an association would go about changing the the CC&R's of the complex to prohibit, or limit the number of rentals allowed in the complex. I've been told that if the number of rentals exceeds 20% of the total units in the complex, banks will not lend to borrowers interested in purchasing a unit that might be for sale in your complex. What is the procedure an association must follow to legally change their position regarding renters,and make it part of the R&R's of the association?
I'm wondering if anyone has information about how an association would go about changing the the CC&R's of the complex to prohibit, or limit the number of rentals allowed in the complex. I've been told that if the number of rentals exceeds 20% of the total units in the complex, banks will not lend to borrowers interested in purchasing a unit that might be for sale in your complex. What is the procedure an association must follow to legally change their position regarding renters,and make it part of the R&R's of the association?