Last week, The SC Court of Appeals decided a case filed against The SPUR at Williams Brice Owners Association, Inc. Owners of a unit at The Spur were renting their unit to college students. They had hoped to sell, it but were unable to sell because of the economic decline several years ago. The Master Deed for the condo stated that units cannot be rented to any student currently enrolled in a two or four year college, unless it's the child or grandchild of the owner, who may have up to one roommate. The Court held that the owners were bound by the restrictive covenants that were filed when they purchased the unit and they cannot rent to the college students.
The Lesson: Always read the restrictive covenants that affect your property BEFORE you buy.