*delete me*

[greys2k]

got my answer - victory is mine
thread cancelled to protect the innocent

 

[BigToque]

The clause seems pretty clear to me. Tell the guy he can buy or has 90 days to find a new place.

 

[greys2k]

My leasing broker said option 2) holds true.

I believe option 3) holds true as well.

 

[JS80]

3

 

[compuwiz1]

Originally posted by: greys2k
I was thinking of listing my condo for sale. However, I signed a rental lease with a tenant in Feb'06 for 2yrs. In my rider for my rental lease, I have the following clause:

"If the owner decides to sell the apartment, he will give the tenant the first option to purchase. He will also provide the tenant with 90 days notice if he decides to sell."

Provided that the tenant does not want to purchase, does this mean:
1) I cannot sell my condo at all until the lease is over
2) I can sell my condo with the tenant in place and must honor the remaining term of the lease
3) I can sell my condo after giving 90days notice and break the lease free and clear


Your wisdom is appreciated =)

Option 2.
It looks like you said you would give first option to purchase, as well as 90 days notice if you decided to sell property, but your clause is not well enough defined to include, breaking lease with tenant, IMO.

 

[greys2k]

Your wisdom is appreciated =)

 

[Garet Jax]

Originally posted by: greys2k

Your wisdom is appreciated =)

If I had some, I would certainly give it to you.

 

[altonb1]

Originally posted by: greys2k
I was thinking of listing my condo for sale. However, I signed a rental lease with a tenant in Feb'06 for 2yrs. In my rider for my rental lease, I have the following clause:

"If the owner decides to sell the apartment, he will give the tenant the first option to purchase. He will also provide the tenant with 90 days notice if he decides to sell."

Provided that the tenant does not want to purchase, does this mean:
1) I cannot sell my condo at all until the lease is over
2) I can sell my condo with the tenant in place and must honor the remaining term of the lease
3) I can sell my condo after giving 90days notice and break the lease free and clear


Your wisdom is appreciated =)

It's YOUR agreement. I assume you worked with an attorney to draw it up, so why don't you ask HIM?

 

[mrchan]

Sucks for the guy who moved in 2 months ago...... Probably not even completely unpacked yet.

 

[greys2k]

yes, i feel bad. broker was saying i should wait at least a yr. tenant makes 1M/yr total comp.
i told broker i wasn't asking about moral/ethical standpoint, but legal standpoint *sigh*
strictly biz, nothing personal - ppl don't realize that
i told the broker i was 'exploring my options'

right now i'm net negative every month - his rent doesn't cover the mortgage/maint/taxes completely. thus, i'm looking to upgrade to an investment bldg with a decent cap rate.
this way, i won't be reliant upon a job (and boss). wouldn't you do the same?

winter is def a bad time to sell..so it'd have to be before that =)