Legal Question in Real Estate Law in New Jersey

Condo Conversion

Can my landlord convert my building to condos while I am still an occupant?


Asked on 9/29/06, 11:08 am

2 Answers from Attorneys

Raymond Weicker Weicker Law, PLLC

Re: Condo Conversion

Since the monthly cost of a mortgage and fees for a condo are usally close or equal to the rental value, you may want to look into buying the unit - the owner would have an incentive to sell to you below market value since the transaction is more likely to proceed to closing and there would be no time lapse. You would gain the ability to get a tax deduction for what you would otherwise be paying in rent, plus you could accumulate equity rather than giving money away to someone else so they can gain equity and tax write offs every month.

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Answered on 9/29/06, 11:17 am
John Corbett Corbett Law Firm LLC

Re: Condo Conversion

Yes.

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Answered on 9/29/06, 1:26 pm


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