Legal Question in Real Estate Law in California

Condos

The apartment complex I have lived in for over 8 years converted to condo. Between the owner and the city filing, the process took over 2 years. I went into agreement to purchase my condo, 8/04. The process took so long, that I finally closed 9/06. By 11/06, the housing market took a dive and the property owner decided to take the remaining condos he couldn't sell and rent them out. Of the 220 units, only 20 were sold. Can the owner of a condo complex sell units and then decide to take the rest of the condos off the market and rent What happens to those who bought their units? What will happen to our property values. How would we be able to sell our units or even get a loan on our property. Isn't this a breach of contract? Please help. Thanks


Asked on 4/02/07, 8:31 pm

1 Answer from Attorneys
Judith Deming Deming & Associates

Re: Condos

Why would you think it is a breach of contract? If he put some agreement in writing saying he would not take some of the units off the market, THEN it might be a breach of contract. Remember, purchasing real estate is a risk at any time, as no one has a crystal ball and there has NEVER been a guarantee that real estate will go up in value and/or will not go down in value. If the values had gone UP after you had agreed to purchase, would you have agreed to pay MORE? I don't think so; by the same token, if values go down, you can't expect to blame the seller; no one held a gun to your head.

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Answered on 4/03/07, 4:22 pm


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