I'm looking at taking my condo and turning it into a rental and wanted to know if I could be violating my mortgage argeement and or proeprty insurance. wanted to know if anyone has gone through this and if you have any advice, thanks.
2007-09-24 07:33:38 · 4 answers · asked by hart277 1 in Business & Finance ➔ Renting & Real Estate
the property is in Chicago, IL. Its only a 3 flat building and as of now I'm the only one that has purchased into this building so, there really for say isn't a condo association.
2007-09-24 08:00:31 · update #1
Insurance you will need to look at. Not just home owners.
Mortgage maybe but unlikely.
Condo association agreement, maybe.
City rules on rental property in that zoning area, maybe. Including parking spaces for rental property.
State law on rental, maybe.
What city, what state?
2007-09-24 07:39:56 · answer #1 · answered by Mike1942f 7 · 1⤊ 0⤋
2
2016-07-20 09:33:43 · answer #2 · answered by Edward 3 · 0⤊ 0⤋
You just about answered your own question...ask your mortgage lender and your insurance carrier. Also check with any association governing your condo and city zoning regulations.
2007-09-24 07:37:53 · answer #3 · answered by ~ Floridian`` 7 · 2⤊ 0⤋
yes on the ins. it will need to be changed, you will have to read up on the agreement.
2007-09-24 07:39:18 · answer #4 · answered by k man 3 · 1⤊ 0⤋