Is a condominium owner bound by the terms of by-laws changed that were after they purchased their unit?
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Is a condominium owner bound by the terms of by-laws changed that were after they purchased their unit?
I purchased my condominium back in 1993 during this time our rules and regulations were allowing to rent out our units. In 1996 they passed amendment and stop homeowners from renting. During all this years we lived in our condominium. Now we purchased new home and we do not want to sell our condo. We would like to rent but the board of directors are telling us we can’t do it because the rules and regulation clearly stats we can’t do it. Are we in title to rent out since we purchased our condo before the law was changed?
Asked on February 5, 2011 under Real Estate Law, Illinois
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
No, you have to abide by the rules as they are now. It is assumed that back in 1996 you had an opportunity to object to the change in the rules and that the change was done according to the by laws that were set (and which you agreed to when you purchased the condo). It may be very difficult for you to try and claim now - almost 15 years later - that the method that was used to change the rule was improper and the condo unit might come back at you with a defense of "latches" meaning too much time has passed for you to object. What you may need to do is to challenge the rule based upon current economic conditions and how they may apply to you, but you would need to seek advice from an attorney in your are as to that matter. Good luck.
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