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ILoveChoo


Hermes

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when apartments turn to condos...
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So we just moved, like 3 weeks ago... and my friend told me that about a month/month and a half ago they got a letter that they were considering going condo. Of course, this was never mentioned to us when we moved in or signed our lease. Will it affect us in any way? Do they still have to honor the lease for the year? We might be interested in buying if the price is right (we were actually joking that we hoped it would go condo), but I really have no idea what impact this will have on us?


I don't know if the letter they send gave more details, but we moved in too late to get that anyway.



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Hermes

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your lease should be honored, as it's a legal document.  I would contact your property manager to obtain a copy of the letter that was sent, or let them provide you with the details and answer your questions.  you may want to consider hiring a real estate atty. if you are considering moving forward with the transaction.

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Kenneth Cole

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The answer is that it depends on what the housing laws are like where you live.  It's different in every city and state, but by comparison, in Los Angeles, if an apartment building is approved by the city to be turned into condos, the landlord can kick everyone out, even if your lease hasn't ended.  The landlord would have to pay every unit an allowance (that number is set by the city and elderly and families with kids get more than the standard amount) to help with moving, but there's nothing as a tenant that you can really do. 


I would ask your friend to see the letter.  If it sounds like it's happening soon, I would talk to your building manager or landlord.  If you want advise on what to say or help with anything, feel free to pm me.



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