What happens if your building is going Condo? What if you don't want to buy?

Question

Do you have to leave without compensation even if you really don't have funds to move at the time or do they help you to leave?

Right now they are offering us the "First Right of Refusal" deal which is we have first choice if we wish to buy, but they are going to sell. They want like $360,000.00. My place is nice but not that nice. I wouldn't do it if it was. I rent because for me it's easier. I had a house at first but it was too involved for me. Good investment but i'm a single man and didn't really need that. I didn't like the fact that I owned the property but there was still a management association. I was like I might as well rent, they were trying to tell me what kind of trash can to have. It was my property. I got out of it, and now, some more of the same. I'm in Montgomery County Maryland.

I figured as much really but I wanted to find out what I could. This building was built two and a half years ago, and when I moved in, it was still under construction. No lobby or anything, in fact I had to wear a hard hat when I saw the place, so I'm not sure how long the could have known or if this was their intent all along because to be honest, it looked like a condo, I have a two floor apartment. I should have known, now I feel that I paid my rent to help the build and boot me out. Crooks I swear. Like they say if it looks too good to be true you are probably right.

Answer 1

Short and sweet!

You will be moving!!

Good Luck

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Answer 2

I assume you are currently renting an apt, and now they are changing it to condos. They are changing the zoning clearly.

It would depend on who owns the condo's, it would be at first who you pay rent to, they would have the ability to continue renting the property to you, but it wouldnt be in their best interests. Many loans that people will need to buy the condos will not do the loan if too many of the condos are rented instead of used as a primary residence.

I would assume they would like all the condos empty before they start selling them. I would guess if you dont purchase your condo, they will give you a notice to vacate. Normally they will have to give you 30 days or until the end of your lease. Check your lease carefully, I would assume they knew they were doing this for years. This isnt an over night decision, it might give them an out of the lease if they change it over. You might have 8 months left on your lease but signed that the lease was void if this happend. At least thats what I would have done. If its not in there stay out the term of your lease. And get ready to move.

Sadly no they dont have to pay you to move.

Good Luck.

Answer 3

you will be given an option to buy
if you turn this option down you will be notified when you must vacate the apartment
failure to vacate will result in an eviction notice and if required then can invoke the police to remove you from the apartment

Answer 4

You can stay out your lease...after that it's month to month and they can give you 30 days notice to vacate. No compensation.

Answer 5

trust me they arent going to help you leave...however, im sure they have to let you finish your lease without question that is a contract and in the meantime you have to keep looking for a new place

Answer 6

sadly move at the end of your lease however if they try and move you out before the lease expires you can then try to get moving costs as they can not legality kick you out till your lease it up

Answer 7

what's the purpose of having a condo? it's small and expensive. it' a glorified apartment. if i want to spend that much, i would much rather buy a house.

Answer 8

Start packing your bags. You will get very little, for they will give plenty of advance notice.

Answer 9

prepare to move

the laws of your jurisdiction apply to this situation and we don't know where that is. google like this "where" plus "condo conversion law" and start reading.


GL

Answer 10

Here is a good article.....