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Top 6 Questions to Ask Professionals About HOAs

26 Feb , 2016  

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HOAs (also known as “homeowner associations”) are like gatekeepers. Think Ghostbusters here. Zuul. If only we could get Vinz Clortho, the Keymaster, onboard, we’d be doing more than crossing the streams here in the real estate industry. Alas, we don’t — and we face these gatekeepers of HOAs with a lot of trepidation due to […]

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Condominiums,HOAs,Rent-to-Own Homes

The Funny Thing About Condo HOAs and Rent-to-Own Agreements

14 May , 2015  

The funny thing about HOAs (Homeowner Associations) is that they legally can choose to work with — or not work with — the ‘tenant’ in question. You’re all throwing your arms up in disgust, thinking that it’s unfair given the fact that tenants may have rent-to-own agreements with condo owners, for instance, right? Of course the HOA should work with you! Of course you can represent your landlord in this case. You’re going to own the condo anyway, correct?

It’s Not That Simple Given Such Rent-to-Own Agreements Are Only With the Owners — Not the HOAsrent to own condos

That, therefore, means the HOAs can choose not to even work with those tenants possessing rent-to-own agreements. By law, they would have to work with the actual condo owners themselves. You, as a tenant-soon-to-be-homeowner can’t represent that condo owner, not even a little bit.

The fact is even if your landlord asks or expects that you interface with an HOA, the HOA can still turn the cheek and say NO…. “I need to speak to the owner.” You literally can’t do anything about it until that property’s legally yours. At that current moment, you’re nothing more than an occupier, paying rent.

Some Exceptions Could Be Made, of Course

As with all contractual law, though, it can be something stipulated and allowed by an HOA in regards to rent-to-own agreements. But you need to be well aware of that in writing. If it’s not in writing, don’t expect to get anywhere with representing your landlord for the HOA regarding anything about the property. You’d have to contact the condo owner specifically instead.

Knowledge Is Power, Right?

Most definitely. And in the real estate industry, everyone has a role — whether you’re a tenant, buyer, owner, seller, agent, broker or whoever. Heck, even the plumber has a role! You simply have to remember that while you’re renting, you’re a tenant. When you’re finished with all rent payments for that period, you’ll be something more…. Any other questions about rent-to-own? Feel free to peruse the site even more!

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