55+ Panorama Village Community in Hemet – Is There a Rental Property Limit?
The short answer:, ‘Yes’. But here’s why:
The Panorama Village has a CC & R (Covenants, Conditions, and Restrictions) recorded on its properties that states a limit on how many rental units are allowed in the community at one time. The limit is set at 95 rental units, and as of January 1st, 2013, the community had 102 rental units. This means there is a waiting list and any property purchased cannot be used as a rental property.
NOTICE OF RENTAL LIMIT
CC & R Article II Section 2.9.1 was recorded with Riverside County on November 18, 2008. This CC & R limits the number of rental units to ninety-five (95). As of January 1, 2013 there were one hundred and two (102) rental units.
Any home purchased after November 18, 2008 cannot be used as a rental unit until the number is reduced to 95.
There is a waiting list.
The home seller, your Realtor or escrow company should make you aware of this restriction when they sell a home in Panorama Village.
BOARD OF DIRECTORS
DO NOT REMOVE THIS NOTICE UNTIL HOME IS SOLD
If you are considering purchasing, or already have purchased a home in the Panorama Village Community in Hemet and your intention is to use the home as a rental unit, you need to be aware of this restriction and proceed accordingly.
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