Mar 07 2008
Limiting Investors or Owners who lease in Seattle condos
 During a Cosmopolitan condo yearly board meeting the topic of setting a limit on the amount of owners who may rent out there unit at any giving time surfaced. This was suggested so the building could stay within conforming loan guidelines and make the property more marketable.  Many times developers indicate they limit the amount of buyers who can purchase an unit for investment purposes. This might only prevent the buyer from renting their unit for one year because of loan guidelines. One thing to consider in times when the market is slow is that the original limits could be exceeded because they are not a bylaw in the public offering statement. To change these limits in the bylaws could become very difficult. During the meeting a lawyer representing the building indicated it would take a 90 percent approval by all owners in the building, and on top of that 100% of the owners that could be effected financially would have to approve the change.  Having been  involved in many boards and having the experience of being the President of one of the boards in the area I can tell you this is a very difficult if almost impossible task.Â
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