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Terri, Real Estate Pro in Winter Garden, FL

Our HOA doesn't allow home rentals. Can we lease our home with an option to buy?

Asked by Terri, Winter Garden, FL Sat Jan 1, 2011

The CCR states: No dwelling or any part thereof shall be used for any purpose except as a private dwelling for one family, nor shall any business of any kind, including rentals, or noxious or offensive activity be carried on upon any Lot within or without the dwelling...

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Mike Luzzo’s answer
Our HOA doesn't allow home rentals. Can we lease our home with an option to buy?


Hi Teri, the answer seems to be in your question. However, a simple call to your HOA management company will give you an easy answer.

Thank you
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Mike Luzzo
Charles Rutenberg Realty
933 Lee Road, Suite 300
Orlando, FL 32810
Office: (407) 622-2122
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1 vote Thank Flag Link Wed Feb 2, 2011
If you can convince the Board that there's a difference between renting and leasing, may be.
1 vote Thank Flag Link Sat Jan 1, 2011
I have seen where some associations that don't permit rentals, allow a lease purchase, which gives the tenant the option to purchase the property during a specific period.It is best to check with the association or attend a board meeting and ask.
1 vote Thank Flag Link Sat Jan 1, 2011
Terri,

I always recomend the approach of consulting directly with HOA because they may have added up dated by laws and regulations. Once you obtain all of the information, have your attorney review the documents and provide you with the information needed to proceed.

Best of Luck!

Jeramie Vaine
jvaine1@gmail.com
978.870.9429
Web Reference: http://www.jeramievaine.com
0 votes Thank Flag Link Sat Jan 8, 2011
Hi Terri,

You can also pull up the HOA governing documents (including amendments) at the Orange County clerk's website. The easiest way to get an answer is to contact the management company or board of directors but sometimes the management firms and volunteer board members do not understand the docs so you can double check by reading the actual Declaration, Articles of Incorporation and ByLaws and any amendments.

All the best,
Alma
0 votes Thank Flag Link Sun Jan 2, 2011
Hi Terri,

You can also pull up the HOA governing documents (including amendments) at the Orange County clerk's website. The easiest way to get an answer is to contact the management company or board of directors but sometimes the management firms and volunteer board members do not understand the docs so you can double check by reading the actual Declaration, Articles of Incorporation and ByLaws and any amendments.

All the best,
Alma
0 votes Thank Flag Link Sun Jan 2, 2011
You need review all the HOA paperwork OR an attorney determine if you can do a lease purchase. No professional render any opinion till all documents are read.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Jan 2, 2011
Terri check with an attorney but if the clause is as you have written it then it may be to vauge to be enforcable. That is unless the people that are going to use it as a private dwelling are going to rent out things.

Most of the time there will be a seperate and distinct clause in the CC&R's that prohibit the lease or rental of a unit and limit occupancy to the named owners only.

Please check with an attorney to review your CC&R's to give an opinion on your rights.
0 votes Thank Flag Link Sun Jan 2, 2011
Probably not. The wording is pretty clear that they do not allow rentals. A lease with an option to buy usually has two parts to each month's payment. Part 1 is the regular rental fee and then part 2 is the amount over and above the rental that goes toward the home's purchase. While the tenant pays one fee (to you), they are still tenants until they have purchased the property and title can change hands.
0 votes Thank Flag Link Sat Jan 1, 2011
The satement from the CCR is vaque in it's specific meaning. A lease option is a form of rental arrangement until the tenant can purchase. The lack of definition allows anyone to interpret any way they want and how it will be enforced if someone of authority tries to counter your decision. Try starting with people with the HOA or property mangement and find out what the issues are.
Mike Sperling
407-463-5348
0 votes Thank Flag Link Sat Jan 1, 2011
Hi Terri,

You could contact the manager for the HOA and ask them directly. Also you could attend the next Board of Directors meeting and ask your volunteer board members about it.

It's odd how it is worded in your Declaration/ByLaws. Usually it's more clearly worded when owners are prohibited from renting out their property. You may want to verify your landlord truly cannot rent/lease to you.
0 votes Thank Flag Link Sat Jan 1, 2011
Dear Terri,
In my opinion you can't, because a lease option is an option that can be exercised..or not. To the CCR board it will be no different then an expensive lease. To be sure I would attend the HOA meeting and discuss this with the board and members.
The rules for the association can be clarified (and sometimes changed) by the members. A majority vote or, in some cases, a super-majority, will be required.
Sometimes, there isn't enough attendance at a meeting to change a rule, even if 100 percent of the attendees [want to change it]. In a case like this you might have to speak to every owner personally.
0 votes Thank Flag Link Sat Jan 1, 2011
A lease option or lease purchase- MAY still be considered a rental. Best to read the Rules and Regulations or have a lawyer handle it for you.
0 votes Thank Flag Link Sat Jan 1, 2011
Ask a lawyer. Any answer from a realtor will be a WAG.
0 votes Thank Flag Link Sat Jan 1, 2011
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