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What happens when your new condo becomes a rental?

Started by broadwayron
about 17 years ago
Posts: 271
Member since: Sep 2006
Discussion about
Or a hotel (ala, the Nu Hotel)? This doesn't apply to me, but I'm curious. Are there typically "outs" for someone who buys a condo, then the developer decides to turn half the building into something that wasn't in the original plan? I guess I'm asking from a pre-close standpoint, because I figure once you close, it's yours.
Response by coverdrive
about 17 years ago
Posts: 41
Member since: Oct 2008

Ugh! This happened to me. i signed a contract and the sponsor rented out more than half the units. but since it was 15% more under contract, it was still declared as a condo. I couldnt do anything. I havent closed yet.

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Response by chatham44
about 17 years ago
Posts: 18
Member since: Dec 2007

what building is that

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Response by urbandigs
about 17 years ago
Posts: 3629
Member since: Jan 2006

is this a midtown condo where the developer had to give back deposits?

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Response by coverdrive
about 17 years ago
Posts: 41
Member since: Oct 2008

no not midtown. the bldg I am referring to is uptown.

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