Legal Question in Real Estate Law in Illinois

These rental stipulations are usually legal. There are exceptions, and it depends on what your city's ordinances are. However, renting out a condo and selling it are two different things, it would depend on whether your buyer was interested in living in the condo or using as investment property. I would advise you to disclose the condo association's limitations to any potential buyer, even if this may make some buyers hesitate, but it will protect you in the long run. That it will make it harder to sell the condo, but it will decrease the chances of your getting sued later. However, with the economy the way it is, fewer people are looking for investment property.

This is usually not a stipulation but a by-law limiting the number of rentals on the property. Usually this is done to provide an incentive for buyers and to ensure that owners live on premises as opposed to renters who may or may not care as much about the future of the condominium property. Contact a good tenant realty and condominium attorney if you need further advice. Good luck.