Also, would it be easier for the existing tenant (in good standing) to get a mortgage on the unit than if he decided to look elsewhere for a condo?
2006-09-23 11:07:29 · 5 answers · asked by Joe K 6 in Business & Finance ➔ Renting & Real Estate
Not unless they have an contractual right to.
I know of a few condo conversion projects where the property owner had to wait for all the leases to expire to begin selling the units.
A smart move for the property owner would be to contact all existing tenants and give them the pitch to purchase their unit. Long-term tenants are perfect for such an offer. They have not moved for a long time so there must be a reason they stay.
Such a pitch should include some financing information - perhaps a joint venture with a single bank.
2006-09-23 11:15:10 · answer #1 · answered by michael c 3 · 0⤊ 0⤋
First every state differs. In NY for example it needs the conversion needs to get approved by the state attorney general, before it can be presented to the tenants.
Condo conversion is not a task an experience property manager, owner or landlord should take on alone. Seek council
Second,after the red herring, the occupying tenants have 3 years to accept the condo offer,and then depending on what state could still live as renters while the majority is condo. Go to mrlandlord.com for state specific info
2006-09-23 18:14:01 · answer #2 · answered by ninacotantino 1 · 0⤊ 0⤋
They usually want the tenants as clients, they're soon to be homeless, and now they sell the home they're living in. After that they'll get a notice.
2006-09-24 01:30:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, and no. It depends if the developers use their own financing company.
2006-09-23 18:15:44 · answer #4 · answered by Rica_Venia 3 · 0⤊ 0⤋
no
2006-09-23 18:18:04 · answer #5 · answered by slippped 7 · 0⤊ 0⤋