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I had a notice on my door the other day that said my apartment unit might be going up for sale, I can buy it or another unit first choice, and the management company is coming in on Monday to do a quick inspection of the premises.
I love where I live, but I don't want to buy in this complex because 1) It's only a 1 bedroom and it's too small for me, unopened boxes line my bedroom walls and 2) I don't want to purchase a 2 bedroom because the association fees in this condo are over $700 a month.
I moved here in April 2015 for a year to see if I liked the Dadeland area, and I do love it (except for now since a car alarm is going off ).
They will start the selling process on November 1. My lease is up in mid April. If an investor buys it, will I have to continue my lease under the new owner? Can I move out prior to April with no charge if the selling process drags on?
First things first, read your lease. The new owner would be obligated to honor that lease until it expires. There is no guarantee you could break your lease unless it is specified in the agreement.
Also, if the complex owner breaks your lease you may be entitled to substantial relocation fees. Check the laws for your area.
I live in So Cal. When the owners of our apartment complex announced their planned conversion to condominiums for sale, residents were offered the opportunity to buy their unit at a discount or take the offered relocation fee to move out. Families with children, the handicapped & those over age 65 were offered $8K to move; singles & childless couples were offered $2K-$5K depending on their circumstances.
We opted to buy the apartment we were living in at a discount. If I could go back and do it again, I would have taken the relocation fee. The market dropped in our area and we lost 50% of the value of our condo and it still hasn't recovered in 10 years of ownership. Those who bought a unit at full street value lost over 60%. The complex was also involved a lengthy lawsuit with the developers for not completing planned common area improvements on the property, and for allowing a higher number of renters (rather than owner occupants) than originally promised. We still own that condo & have been renting it out for the past 5 years because we can't sell it.
I will never buy another condo conversion again. I would have been money ahead and free of that albatross if we'd taken the $8K relocation fee and run.
I had a notice on my door the other day that said my apartment unit might be going up for sale, I can buy it or another unit first choice, and the management company is coming in on Monday to do a quick inspection of the premises.
I love where I live, but I don't want to buy in this complex because 1) It's only a 1 bedroom and it's too small for me, unopened boxes line my bedroom walls and 2) I don't want to purchase a 2 bedroom because the association fees in this condo are over $700 a month.
I moved here in April 2015 for a year to see if I liked the Dadeland area, and I do love it (except for now since a car alarm is going off ).
They will start the selling process on November 1. My lease is up in mid April. If an investor buys it, will I have to continue my lease under the new owner? Can I move out prior to April with no charge if the selling process drags on?
Thanks for any help!
Ask your current landlord or the management company if they'll let you out of the lease. If I was the owner I'd be happy to let you out of the lease as it'll be easier to sell if vacant. Your landlord may feel the same way.
This isn't a condo conversion, they were built as condos back in 2008 and a management/investment company bought 3 of the 6 buildings. I'm leasing from this company.
Ask your current landlord or the management company if they'll let you out of the lease. If I was the owner I'd be happy to let you out of the lease as it'll be easier to sell if vacant. Your landlord may feel the same way.
I do love living here in this apartment, but I don't want to buy in this complex. I leased just for a year to see if I like the area, and with my things in here, it does make the apartment appear smaller than it is since I have no room for my things from the 2/2/2 I moved from.
I will ask the landlord some questions tomorrow.
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