Villagio at Tempe

What Villagio at Tempe's governing documents say

This is a restrictive covenant specific to one condominium unit at Villagio at Tempe (Tempe, AZ), not the full community rules. It was placed by the builder (D.R. Horton) to limit the unit owner from reselling or renting the property for one year after purchase, enforced by a $40,000 liquidated damages penalty.

• Resale & rental restriction: The unit cannot be sold, conveyed, leased, or rented for one year after close of escrow without the seller's written consent. Exceptions include death, transfers to spouse/children, revocable trusts, divorce, job relocation over 25 miles, or other extenuating circumstances.
• Penalty for violation: If the owner breaches the restriction, they must pay the seller $40,000 in liquidated damages, plus interest at 15% per annum and the seller's foreclosure costs and attorney fees. The seller also has a lien on the property to secure this payment.
• Sign prohibition: No 'for sale' or 'for rent' signs may be placed on the property during the one-year restriction period.
• What this document doesn't cover: This document is an ancillary covenant for a single unit, not a full set of community rules. It does not cover general condo fees, pet limits, parking, architectural rules, or other typical HOA/condo restrictions that would be found in the main condominium declaration.

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.