Hope I did not make a mistake…PLEASE HELP!

By takingachance

I have been living in my small 2-bedroom apartment for over 4 years. My husband and I decided to move. We found the perfect place for our daughter to have some play space. We found a condo that meet our needs and budget. I checked out the condo and found out the condo went into foreclosure and was purchased by the condo association. 

The association hired a third party property management company to oversee the application process as well as owner service requests. We completed the application process and we were approved. I thought this was the greatest opportunity to purchase the property during our ONE-YEAR lease term. 

I have worked in property management for several years and completed several real estate/law courses. I thought that perhaps we might have the upper hand in the deal since I understand the process in terms of the association offering us the option to purchase prior to our lease ending. 

Here is the main problem. When I reviewed the lease, I noticed that the lease stated "one year NONREWABLE lease”. I did not think much of it since the associate of property Management Company said, the board might decide to extend the term or renew etc. I figured that the laws would protect us if the association decided to put the property up for sale we will know about it. Well, not so fast…After thinking about it I do not think the condo has to disclose any future plans for the unit or even offer us the option to purchase because we agreed to the "nonrenewable" lease.

The bottom line is that we want to have the option to purchase the condo. We are afraid the association will sell it without notifying us. The only instance the law will protect us is IF by chance the HOA condo ownership is considered a rental undergoing a condo conversion if sold. I have tried to find information about this and cannot find anything. This would be manageable issue if the lease did not state the "nonrenewable" clause or purchase options. 

I could just tell the association we would like to have the right to purchase during our term but I am nervous the eagerness may drive them to put it on the market and make a profit. We are moving in a few days, for now we know we can stretch out for one year before we may have to move again. 

Thank you!

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