Current as of January 01, 2018 | Updated by FindLaw Staff
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(1) Residential real property may not be converted to a condominium unless the owner of the residential real property gives prior written notice of the conversion to each of the tenants of the building or buildings scheduled for conversion.During the 60-day period immediately following the date of delivery of the notice a tenant has the first right to purchase the unit, if the unit is offered for sale at any time during that period, for any of the following:
(a) The price at which the unit is being offered on the market.
(b) The price contained in any accepted offer to purchase the unit.
(c) The price otherwise agreed to by the tenant and the seller.
(2) A tenant may not be required to vacate the property during the 120-day period immediately following the date of delivery of the notice required under sub. (1) except for:
(a) Violation of a covenant in the lease; or
(b) Nonpayment of rent.
(3) A tenant may waive in writing his or her first right of purchase under sub. (1), his or her right to remain on the property under sub. (2), or both.
Cite this article: FindLaw.com - Wisconsin Statutes Property (Ch. 700 to 710) § 703.08. Notice prior to conversion of residential property to condominium - last updated January 01, 2018 | https://codes.findlaw.com/wi/property-ch-700-to-710/wi-st-703-08/
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