I am in the process of purchasing a condo in North Philadelphia. The situation is great and my offer has been accepted. I received Condo Association documents to review and have 4 days left to review them. One of the lines in the document states: "No portion of a Unit (less than the entire Unit) may be leased for any period."
This is a problem for me as the primary reason for purchasing said condo is to live in it the first year, renting out the other room. This language indicates that I can't do that. This seems a bit weird, considering I know this practice to be widespread across the city. I have a few questions:
- Is this the same thing as Single Room Occupancy laws, or is it something specific within the Condo agreement? If its the former, I know this practice occurs everywhere and I am good. If it is the latter, that makes it riskier.
- Since the practice is so widespread, it may just be that renters are consistently not actually signing leases, but rather just gentlemans-agreementing with the landlord. This isn't a problem if I can get a friend of mine to do it, but if its a random person this doesn't seem like a good idea?
- The premise that I can't charge someone rent for my spare room in a property I own just seems stupid as a concept. Am I just misinterpreting what is allowed here?