Yes. You need to review (or have an attorney review) all the governing documents that affect the condominium. That restriction could be in the original master deed, declaration, scheme, or rules and regulations or it could have been added later if the right to make amendments was reserved.
A condominium community can be created to be owner occupied only.
building and loan association
i know that you can do 'buyers and cellers' with no requirements.
So no individual can control the price.
so no individual can control the price
Read your governing documents to determine if there are any limits stated there for either owner/residents or investors.Otherwise, recently, Fannie Mae, et al, have determined that no investor may own more than 10% of the number of units in a property, in order for mortgage lenders to continue to offer mortgages to buyers.
So no individual can control the price.
The key phrase in your question is 'shortage of funds'. If the association borrows money from its owners to make repairs, then the owners and the association need a written agreement that details the repayment plan. A more common and more sound approach dictates that the association levies a special assessment against all owners to pay for repairs and other services. An association that operates with a 'shortage of funds' is not an association where units will be attractive to buyers.
Your answer depends on several variables, including your governing documents and any amendments or By-laws that address rentals. If they are silent, please consider:One key issue with rentals in condominium associations is this: Mortgage lenders will not loan money to buyers to buy into the association if more than 50% of the units are rented, based on the current Fred/Fan guidelines.If the rental number is too high, this means that units can only be sold for cash.Another issue is finding viable candidates to volunteer for board membership.If too many units are rented, owner/occupied units are usually those with residents willing to serve.Another is the 'pride of ownership' issue: most tenants have none.Finally, because tenants deal with individual owners as landlords and not with the association, many people who cannot pass screening processes -- financial, background, and so forth -- approach individual landlords, and charm them into rental situations.This puts the entire community at risk.In your situation, ask a board member or the property manager what the limit -- rental cap -- is for your association, and work with them to rent your unit in ways that will take the association and your co-owners into account.This is the best way to protect your investment in the unit that you own.
You need these people in order to sell products. Money needs to exchange hands in order to be competitive.
The plural of buyer is buyers. As in "the buyers have arrived".
One can find mortgages which require no down payment through programs such as FHA and VA loans. One can also get a mortgage with little to no down payment through the first time buyers program.
Mary Buyers has written: 'The Buyers book, 1702-1913'