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Condominium Project Disclosure
A rental unit may be in a condominium conversion project. A condominium conversion project is an apartment building that has been converted into condominiums or a newly constructed condominium building that replaces demolished residential housing. Before the potential tenant signs a lease or rental agreement, the landlord of the condominium project must give the tenant written notice that:
• The unit has been approved for sale, and may be sold, to the public, and
• The tenant’s lease may be terminated (ended) if the unit is sold, and
• The tenant will be informed at least 90 days before the unit is offered for sale, and
• The tenant normally will be given a first option to buy the unit.
The notice must be in legally required language. This notice requirement applies only to condominium conversion projects that have five or more dwelling units and that have received final approval. If the notice is not given, the tenant may recover actual moving expenses not exceeding $1,100 and the first month’s rent on the tenant’s new rental unit, if any, not to exceed $1,100. These notice provisions do not apply to projects of four dwelling units or less, or as a result of transfers due to: court order (including probate proceedings), foreclosure proceedings, or trusts.86
86 Government Code Section 66459
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Landlords Guide-Disclosure To Tenants about Condominium Conversion Project is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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