Rancho Veredas Condominiums

What Rancho Veredas Condominiums's governing documents say

Rancho Veredas Condominiums is an investment-focused condominium community in Phoenix, AZ. The declaration states it is 'best suited for investment purposes, not for owner occupancy.' All units are required to be leased through the Association's Asset Manager, who collects rents and manages leases. Unit owners are investors who receive pooled income after expenses. The Association handles all maintenance, repairs, and replacements of units, common elements, and appliances.

• Investment & occupancy: The condominium is designed for investment, not owner occupancy. All units must be leased by the Asset Manager, who uses best efforts to keep units rented. Unit owners do not live in their units; they receive net pooled income from rents.
• Leasing & rentals: The Asset Manager determines lease terms and collects all rents. No minimum lease term is specified in the declaration. Tenants have easements to use common elements but are subject to Association rules and can be evicted by the Association for violations.
• Pets: Tenants may keep no more than one dog weighing 20 pounds or less and no more than one cat. No birds, fowl, poultry, or livestock are allowed.
• Parking & vehicles: Vehicles may only be parked in designated areas. No trucks, trailers, campers, boats, RV's, or commercial vehicles may be parked. Inoperable vehicles and repairs (except emergency) are prohibited. The Board may assign parking spaces and enforce towing of violating vehicles.
• Assessments & fees: Monthly assessments: $100 flat per unit plus a proportionate share based on unit size (studio: 0.00365, 1BR: 0.00456, 2BR: 0.00547 of common expenses). Operating Account Assessment due on purchase: studio $195, 1BR $240, 2BR $290. Reserve Fee due on each unit transfer: $750. Special assessments may be levied for capital improvements or operating shortfalls.
• Maintenance & utilities: The Association maintains, repairs, and replaces all units, common elements, and limited common elements, including appliances and fixtures. Tenants are responsible only for interior upkeep (reasonable wear and tear excepted). The Association arranges connections for electricity, water, sewer, and communications; utilities may be separately metered.
• Alterations & signs: No structural alterations or additions to units without prior written Association approval and an engineer's certification. No exterior signs (including 'For Sale' or 'For Rent') except as allowed by Association rules. Window coverings affecting exterior appearance require prior approval.
• What this document doesn't cover: This declaration does not describe specific amenities such as pools, gyms, or clubhouses. It does not contain an age restriction, rental cap, or owner-occupancy requirement (beyond stating it's for investment). It does not address noise hours, guest policies, or short-term rental platforms like Airbnb.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.