Legal Question in Real Estate Law in California
The apartment I rented about a year is now for sale. Since I'm the current resident, do I have any financial bottom line or any other advantages over other buyers if I decide to purchase it my self? For example, there was a similar case that happened to me in Seattle WA, where I was notified by the owners it had to be offered to the current tenants first, by law, at some sort of discount. The difference here is that the current situation here in La Jolla Ca, it is an individual owner. The past situation in Seattle , WA was that the whole building was being sold.
Again the question is, since I'm the current resident, do I have any financial bottom line or any other advantages over other buyers if I decide to purchase it myself?
1 Answer from Attorneys
Your situation in Seattle must have been a condo-conversion, converting an apartment building to condominiums, if you were a tenant and the whole building was being sold and you had an option to buy just your unit. Cities often put conditions like tenants' first refusal rights and tenant purchase discounts on approvals of condo-conversions. None of that would apply if you are the tenant in a single condo unit that the owner rents out, and there is no general legal right to special treatment for tenants when the property they live in sells. So the only advantage you may have is if your landlord has not listed the unit for sale yet, you can save them the real estate broker's commission by doing a private sale, and you could split the savings.
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