Purchasing An Investment Property In Arizona
I signed on a list at a model home, it has been six months since signing. I just recieved a call from the realtor to sign a purchase agreement. The realtor told me that I would have to sign an agreement not to rent or sell the house for one year. When I signed up it was six months not to rent.
I have two questions. Is it legal for them to require me to sign such an agreement to be allowed to purchase the house? How do they enforce such a document?
This seems like a form of discrimination not to allow someone to buy who is willing to pay fair market value.
I would appreciate any comments
This is completely normal in Arizona, from Buckeye down to queen creek. There is such a demand for houses that the builders and developers require them to be primary residences. The stipulation about not renting will be part of the deed restricted covenants. If you try to break it they will probably fine you and or put a lien on your house. These homes are still great investments, the appreciation is just exploding.
Yeah but you can always find a loop hole. If you are in the military or other ways it is all in the contract look it over with an attorney.