Posted by John on April 07, 2006 at 21:23:00:
Yes it is legal.
Yes they can enforce it.
You agreed to this in your pre-construction contract, the docs you first signed. It is becoming more and more common, for builders to sell condos to owner occupied buyers. Condo rules probably do not allow rentals or only a small percentage.
Legal advice on selling pre construction - Posted by JB
Posted by JB on April 07, 2006 at 18:22:32:
I bought a condo in pre construction in Virginia almost two years ago. I went recently to closing and they ask me to sign a document that doesn?t aloud me to sell or rent within the next 12 months of the closing day, or I have to sell it back to de builder/developer for the same purchase price. Of course the market price now is considerably higher than when I bought it. Is this legal?? Can the developer enforce such a rule??
Thanks you for any thoughts or advice
Re: Legal advice on selling pre construction - Posted by The Frisco Kid
Posted by The Frisco Kid on April 12, 2006 at 13:35:42:
JB
Go back and check your original documents, the builder must perform as contracted and if these terms were not present at that time then tell him to go to hell, he cannot unilaterally change the original contract.
I had a deal where I agreed not to sell the property for one year after closing but when I received a great offer I did a puchase lease deal where it wasn’t to close until the one year period was up. There wasn’t a clause to prohibit renting only selling.
The builder tried to bully me but ended up paying his attorney, my attorney, my buyers attorney and my buyer.
We as consumers have rights too, I personally would never agree to the no rental clause, it slams to many doors shut.