AirBnb and Other Online Property Marketing
One popular way to make your property earn like a real investment is to put it out on online property rental platforms such as Airbnb. In a very simple way of explaining the concept, property owners offer their condominium units or houses to the public and these platforms serve as the modern day classified ads.
Many owners however, have encountered resistance from condominium and subdivisions neighbors through their condominium management (condominium corporation) or homeowners associations (HOA).
Here Are the Things That You Should Look Out for:
1. Check the Deed of Restrictions
All registered condominium units have Condominium Certificate of Titles (CCT) and all registered lots have Transfer Certificate of Titles (TCT). At the back of these titles are annotations of what an owner may or may not do with the property.
It may range from height of structures that may be built to the type of materials that may be used. These restrictions are often premised under public safety, peace and order, and public health. If the back of the title is silent, then supplementary regulations may be provided by a duly formed HOA or condominium corporation.
For those that have restrictions, these serve as rules that the owner has to abide by unless they wish to face serious consequences.
2. Verify the Condominium Corporation or Homeowners Association Rules
Most if not all condominium buildings and modern subdivisions are governed by their own management or homeowners association.
A member is bound by the rules and regulations that may be created by the condominium corporation or HOA.
3. May Ownership of One’s Property be Restricted?
No. The right to use and abuse one’s property is protected by law. That includes the right to rent out your property whether short term (AirBnB, etc.) or long term (lease).
However, if the condominium management or the HOA may not restrict one’s exercise of ownership, it may validly regulate it for purposes of public safety, peace and order, and preservation of public health.
Valid regulation may be in forms of strict visitor entry/exit control, gathering of pertinent visitor/tenant information, and other reasonable measures that will promote the general welfare of the community.
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