Q: Can a condo HOA restrict the sales of condos to investors? We have 94 units; at least 36 are rentals. How to stop more?
Is there any restriction in Montgomery County, MD against not having more condos purchased as investments? The building was build in 1981; most current investors are not doing upgrades (that are needed) to these units. Our bylaws do not address this issue. We are considering changing the bylaws to state that new owners must reside in the unit for 2-3 years. Can we just say no investors can purchase?
A: You need to start with a review of the recorded Declarations and the history of the Bylaws, You need to compare them with the statutory framework, and, in any event, you won’t be able to impair any current owner’s present rights without their consent.
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