We bought a single family home in georgia last month as inversters intending to rent or sell. Dec. 7 after a renter has already moved into the home i recieve a letter from HOA stating there is a cap on rental and we have to occupy or sell. Should the closing attorney or listing agent have informed me of this? Especially since i was buying this hud Govmt. Owned home, as an invester. I would never have rented it had i been aware of cap. There were no HOA rules given to me at closing.
Thanks jill in georgia
2 Answers from Attorneys
You were negligent in not checking things out.
No one should ever buy any real estate without retaining their own lawyer to review the transaction, both before signing the sales contract and before closing. Had you done this, and it is even more vital for investors, your attorney would have checked on rental status before allowing you to proceed. You also could have requested the HOA rules yourself.
By deciding to save a couple hundred dollars you committed a very expensive mistake. The mistake is not fixable. The good news is your mistake has warned others not to repeat your mistake.
Contact my office at 404-522-0341 for some possible solutions to this issue.
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