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All Forum Posts by: Carolyn Lane

Carolyn Lane has started 1 posts and replied 1 times.

Buying & Selling Real Estate

Post: Owner Occupied Covenant

Carolyn LanePosted
  • Minneapolis
  • Posts 1
  • Votes 0

Hello! I bought my home in 2014 and signed a 30-year owner occupied covenant. This is not our forever home but we would like to try to keep it if we can. I have a few questions: 

1. Is there any way to back out of the covenant? I'd love to turn it into a rental as its layout seems really great for 2 tenants. 

2. If we were to sell the house, would the covenant end with us? Or would it stay with the house for the full 30 years? Or would that 30 year time period start up again with new owners? 

Any insight into these kinds of legal documents would be really appreciated!

0 Votes