Asked by lpamn9, Englewood, CO • Thu Jun 26, 2014
We're trying to buy a single family in a new development community with 120 lots. We signed the contract with the builder in April and made clear this is for investment. Since then our real estate agent has brought quite a few buys to the builder and I believe most of them are like us buying an investment property.
Yesterday the builder sales rep sent us a Declaration of CC&R states "Unless approved by the Board in writing, in no event shall the number of Dwelling Units which are subject to leases exceed fifteen percent (15%) of all Dwelling Units. Now there is a risk that we are not allowed to rent out the house.
The sales in the community is really hot and the base price has raised $40k in two months. The builder is taking a hard line and states that we can take back the deposit and cancel the contract. It seems the builder wants us to walk away and there may be something behind why they come up with the CC&R 2 months after.
Shall we bring in a real estate attorney?
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