Whenever there is a conversion of residential real estate from rental status to condominium
ownership the following provisions shall apply to the owner, developer, and tenants
of the property:
(1) All tenants shall be given at least one hundred twenty (120) days notice of the
conversion. Rents shall not be increased during the notice period.
(2) Tenants shall have the right to cancel their lease and receive no penalties for
the cancellation as long as all obligations of the lease have been met.
(3) The owner or developer shall honor all leases.
(4) All tenants shall be extended the first opportunity to purchase their units.
(5) An owner or developer shall not offer units for sale to the general public at
terms more favorable than offered to the tenants, for a period of one hundred twenty
(120) days subsequent to the tenant's failure to exercise his or her right to purchase.
(6) Tenants shall have sixty (60) days to inform the owner or developer of their intentions,
and during this period the owner or developer shall not sell the units to the general
(7) Any tenant who has attained the age of sixty-two (62) shall be given one-year
notice. Rents shall not be increased during the notice period.
(8) The owner or developer shall pay reasonable moving expenses and costs, to any
tenant who has attained the age of sixty-two (62), within a fifty (50) mile radius.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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