Legal Question in Real Estate Law in California
Condo Conversion - Tenant Relocation Assistance
We are in contract to buy an already mapped 80 unit luxury apt project in Woodland Hills, California, with the intention to covert and sell it as condos. The original condo map was recorded in the late 1970s. There was another condo project at this location, but it had to be demolished due to heavy damaging after the Northridge earthquake in 1994. The current improvements were built in 2000. The property is currently occupied by rental tenants, some with leases that will expire in the future and others on a month to month basis. The leases make no reference to the fact that the project is mapped for condos. We have a very short time frame to perform this conversion and sell the units. What is our responsibility, financial and otherwise, with respect to tenant relocation given what I described above? If possible, please give me your opinion, as well as references to the specific sections of the law and where to find them. Thank you!
2 Answers from Attorneys
Re: Condo Conversion - Tenant Relocation Assistance
This will be governed by the leases only. Otherwise you can have them move at the end of their leases.
If you do not have attorneys and you are doing this project, you need to hire them as soon as possible.
Joel Selik
www.SelikLaw.com
Re: Condo Conversion - Tenant Relocation Assistance
i hate to sound like i am hawking on behalf of our profession, but it appears that you are about to embark on a multi-million dollar venture. you really need to engage the services of counsel well versed in condominium law. quoting a few statutes here is not likely to do you a great deal of good. if you don't properly file and record a properly drafted condominiumm plan, and if you don't follow ALL regulations and laws, you are putting a great deal at risk. for your own good, hire counsel, and allow yourself to sleep well at night.
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