Tennessee Code 66-27-703 – Vested right to lease residential property
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 66-27-703
- Declaration: means an instrument, however denominated, that creates a homeowners' association, and amendments to that instrument, including restrictive covenants, bylaws, and similar instruments governing the administration or operation of a homeowners' association. See Tennessee Code 66-27-701
- Effectively prohibit: means to act or fail to act in a manner that prevents an owner of a residential property that is subject to a declaration, and who is in reasonable compliance with rules and regulations, from using the residential property as a long-term rental property. See Tennessee Code 66-27-701
- Family: means the members of a household living, on a full-time or a part-time basis, in one (1) dwelling. See Tennessee Code 66-27-701
- Long-term rental property: means a single family residential real property that is leased by the owner to a lessee for a period of one hundred eighty (180), or more, consecutive days. See Tennessee Code 66-27-701
- Prohibit: means to forbid or ban, either permanently or temporarily, an owner of a residential property that is subject to a declaration from using the residential property as a long-term rental property. See Tennessee Code 66-27-701
- Property: includes both personal and real property. See Tennessee Code 1-3-105
The owner of a property subject to a declaration that is amended to prohibit, or effectively prohibit, the use of single family residential real property as long-term rental property during the period of the owner’s ownership of the property has a vested right to use the property as long-term rental property until the owner transfers the property.