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1639 Views 4 Replies Latest reply: May 16, 2012 10:01 PM by wiffle RSS
New Member 1 posts since
May 16, 2012
Currently Being Moderated

May 16, 2012 5:49 AM

Owner sold condo

We are 3 weeks out until our 10 day vacation to Florida. The owner has contacted me that there will be a new owner and new management company. She told me that everything will remain the same. She will give me the new owners info ASAP. But I am nervous that the new owners will not abide by our original reservation. Has this ever happened to anyone? All money has been paid. Should I purchase insurance? Please reassure me.

  • wiffle Contributor 217 posts since
    Feb 23, 2011
    Currently Being Moderated
    Re: Owner sold condo

    This has not happened to me, but I would definitely want the new owner's contact information right away so that you can follow up with them. In a residential rental or lease, the contracts in effect at the time of sale are enforceable, so hopefully it is the case here too.

     

    Since it sounds like it will still be a vacation rental, you should be fine as long as you make contact with the new owner ASAP.

     

    Good luck, and perhaps report back?

    • anja Senior Contributor 1,560 posts since
      Aug 9, 2011
      Currently Being Moderated
      May 16, 2012 10:26 PM (in response to wiffle)
      Re: Owner sold condo
      I agree with 'wiffle'....at the very least, you need to have contact with the new owner and an assurance from  the new management company ASAP.  But, I don't understand why the original owner has not offered you anything in writing -- without you having to ask!  This is sloppy admin by that original owner. An owner, can easily just send you an addendum to your contract which states that, their property is now sold, and the new ownership will be responsible and the contract will be upheld in its entirety --- signed by all parties, i.e., the originator {seller/owner}, the new owner, new management company ...and you.

       

      I think that the private owner you dealt with...and the new property management company owes you an assurance - in writing - that your contract will be upheld,  in full {meaning - you'll get that particular condo unit, as well}.

       

      I have read in other threads about  management companies switching condos. Travellers can end up with a different condo unit than the one they originally chose....it's in the small print that management may switch units.  So, if you paid for a particular unit and dealt directly with a private owner of that unit, then you should be assured, in writing that you will indeed still have that particular unit--- because not only is the owner changing but there is now a new management company involved, if I understood your post.
      In the years I've done this business, I've read so many stories about management companies doing a flip-flop on guests, on arrival. So,  I'm never satisified with a verbal agreement after I've paid thousands for anything.
      • wiffle Contributor 217 posts since
        Feb 23, 2011
        Currently Being Moderated
        May 16, 2012 10:01 PM (in response to anja)
        Re: Owner sold condo

        If I were buying that unit, I would want to go ahead and make contact with the upcoming renters to put their minds at ease. I would also want the seller to give me all the executed rental agreements.

         

        I also think the original poster should have access to that exact unit or their choice of another, only if they want it.

         

        The sale of this unit should have absolutely no impact on this renter's vacation. The upcoming rentals should be part of the disclosure to the seller and a good realtor will know the law on this situation, especially in a resort community. I would think that the executed rental agreements would be part of the disclosure.

         

        I hope that's how it plays out for the original poster, and I hope we hear back with positive news!

  • iopbeachhouse Community All-Star 455 posts since
    Aug 10, 2011
    Currently Being Moderated
    Re: Owner sold condo

    When we purchased our vacation rental last June, it was being rented by a management company. By law, we were required to honor three months of rental contracts. Check with your state. I think most states have similar laws. They should still honor the contract.

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