a friend bought a condo years back, and since then the board has created a "no-subletting" clause.

Asked by Thomas.desenfants, Chicago, IL Fri Feb 24, 2012

...She just had her second child and needs a larger space. What options does she have for subletting (not selling) the condo?

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Anthony Cava…, Agent, Jolier, IL
Fri Feb 24, 2012
BEST ANSWER
Talk to an attorney, but I believe there is a mechanism she can use that gives revocable ownership interest to the tenant. That keeps the condo "owner-occupied" (though in name only) for tax and condo purposes. I don't remember the exact terminology for this, but a competent attorney might.
1 vote
Thomas Kosto…, Agent, Arlington Heights, IL
Fri Feb 24, 2012
I'll Assume She Is An Owner Looking To Rent Her Condo Instead Of Selling It As Opposed To A Renter Looking To Sublet-If There Are Currently No Renting Of Units By Any New Condo Buyers/Owners-She Could Be "Grandfathered" in To Being Able To Rent Her Unit Or If She Can't Sell Because Her Mortgage Is More Than The Unit Is Worth-She May Be Able To Rent Due To Hardship-She Would Have To Get Clarity From Her Association On This
0 votes
Thomas.desen…, Home Buyer, Chicago, IL
Fri Feb 24, 2012
Ok.. I got my terminology mixed up. I meant She is the owner of the condo, and wants to lease it out. The condo board restricts leasing of the condo units. What are her options?
0 votes
John Potter, , Cook County, IL
Fri Feb 24, 2012
Very rarely do tenants sublease. Therefore, this owner should have no problem with leasing and adhering to condo rules.
0 votes
Anthony Cava…, Agent, Jolier, IL
Fri Feb 24, 2012
Is it no subletting or no leasing? Subletting generally refers to a lessee who wishes to lease the condo to another person. If a person who owns a condo is leasing it out, it is not subletting.
0 votes
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