Legal Question in Real Estate Law in Illinois
This question relates to a condo association. I own a condo in Illinois and according to the bylaws there is no leasing of the condo's, they are owner occupied. My question is, there is a clause in there that I can apply for a hardship waiver so that I can lease my condo, which I did. It was denied. I've had it on the market for almost a year and half with no offers even after reducing the price twice. I moved out a year and a half ago when I got engaged and now I'm married and unemployed. We are forced to pay 2 mortgages on one salary so I wanted to rent out my condo. I already have someone lined up that want's to rent it. The association claims to have mailed me a letter stating they denied my petition, however, I have never received anything. Is there anything I can do so that I can get them to approve it? I meet the requirements of the clause except that it says I have to "vacate the property through no fault of my own", but I moved out b/c I got engaged. I threatened to let it go into foreclosure and even that didn't work. What can they do if I just rent it out without their approval? Or is there anything I can do legal wise?
1 Answer from Attorneys
1. Can't tell you if you have any rights since we don't have the condo declaration, by-laws, rules or regulations to review.
2. You and a lot of other people are in the same boat. Problem is, if too many rent then lenders won't lend on any of them -- there are "investment unit" limitations today.
3. You admit you don't qualify for the hardship based on the portion of the condo documents you quoted.
4. Being able to refinance today for the other owners may be more important than what happens to you unit, especially if you are not paying your assessments either, since sooner or later someone will have to.
5. If you rent without permission? You are inviting a notice of violation from the association and potential eviction suit. That's a risk only you can decide to take.
6. You might consider structuring the lease as an installment contract to purchase with periodic rights to terminate, but that could make renters walk from the complexity of the situation......
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