May 16, 2012 5:49 AM
Owner sold condo
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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.
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?
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}.
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!
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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