HOA's are looked on as both a blessing and a curse by many of our Arizona Investors. We want the communities to retain their aesthetics without placing undue restrictions on the homeowner or the tenant.
Some communities try to restrict homeowners from leasing. Some CC&R's have attempted to place undue burden on homeowners that have tenants. Some have made the disclosure lists for investors different than owner occupied homes in the same community. Many of us were not pleased. . .
Arizona legislature addressed laws that amended many of these on-going issues in July, 2014. The first amended statue states that "Unit owner may use as a rental property unless prohibited in the declaration (original CC&R's) and use according to the CCR's rental time period restriction (i.e. has to be at least 3-month rental, etc.)" Secondly, the HOA is prohibited from doing any of the following: Requiring a copy of tenant's rental application, lease agreement or credit report. Require tenant to sign a waiver limiting the tenant's due process right, prohibit an owner from serving on HOA Board, imposing any fee, assessment, penalty or other charge in an amount greater than $15.00 for incomplete or late information, require a crime-free addendum. If you receive any notice that reads in violation of these amendments, please alert us immediately! This is a portion of the law changes that prove once again that Arizona is an Investor Friendly State!
I am very relieved that our legislature has listened and acted upon the need to promote fairness in the treatment of all homeowners, near and far.
Call us today for market values, adding inventory or any questions you may have about your Arizona rental homes.
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