Posted by Rich-CA on April 24, 2007 at 19:33:58:
It means you do not have to buy your unit, you can remain a tenant and can renew the lease it its end. They probably want to sell off slowly, as the units become vacant. It makes much more sense in a slow Real Estate market than having a bunch of vacancies. It also spreads out the cost of converting the units.
Bottom line, you don’t have to move and you don’t have to buy.
leases and renting - Posted by Maria Hillenbrand
Posted by Maria Hillenbrand on April 22, 2007 at 19:09:30:
I just moved into a new apartment in a multi-unit building 3 weeks ago, and signed a 1 yr lease. Then last night I received a folder with letters in it from a Realtor, a lender, and a lawyer stating that the building has been sold, and the apartments are being turned into condominiums. What are my rights as a tenant if I choose not to purchase my unit??
Re: leases and renting - Posted by Rich-CA
Posted by Rich-CA on April 24, 2007 at 18:32:18:
What did it say in the documents you received? The owner can refuse to renew your lease but your local laws on condo conversions would determine if they can terminate a lease before the end date.
Re: leases and renting - Posted by Maria
Posted by Maria on April 24, 2007 at 19:13:55:
The letter I received just says that the new owner is converting my building (along w/5 others in the area)into “residential condominiums for sale to the public”. It says that they would like me to purchase my unit and “although the units are being offered for sale to the public, it is the owner’s desire for you to remain a tenant, and may in fact renew your lease”. I do not understand what this means, nor do I want to “own my unit”.