It is essential for property owners who wish to convert a rental into a condominium unit to carefully go over the ins and outs of relevant laws. The condominium conversion process can prove challenging for a host of reasons, and owners must have a comprehensive understanding of the steps they need to take to successfully convert the building or unit.
By reviewing the rights that tenants have and approaching the conversion process properly, owners can reduce the likelihood of setbacks, such as a costly and time-consuming dispute.
Notifying tenants of a condo conversion
The New Hampshire Department of Justice states that the owner of a building must notify tenants via registered mail 120 days prior to submitting an application to register the condominium. This notification must provide the property owner’s name, the number of units they want to convert into a condominium and a statement informing tenants that the owner must register the conversion with the Attorney General’s Office in 120 days.
Owners must also provide statements indicating that every tenant will receive notification following registration and that tenants can contract for the purchase of the unit they live in for 30 days following registration (excluding instances when units undergo significant changes).
Condo conversion and tenants deciding not to buy units
If a tenant does not want to buy a unit, they do not have to move out for at least 270 days or until the expiration of their lease. Developers must give disabled and elderly tenants who do not want to purchase the unit 18 months to move out.
If disagreements surface during or after the condo conversion process, it is pivotal for owners to take a close look at their rights and the best course of action.