Condo purchased / now for rent
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Condo purchased / now for rent
I bought a condo in a new building and in addition to the mortgage, I also pay a monthly condo fee. I lost my job in January and am trying to sell my condo. Now, the building owners have decided to rent out the condos instead, which hinders my ability to sell. I feel I was duped into buying when the building is now a rental property. Is there anything I can do to at the minimum get out of paying condo fees since the renters are not being charged monthly condo fees?
Asked on May 14, 2009 under Real Estate Law, Wisconsin
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Unfortunately, there is nothing you can do. The owner of the building is required to pay month condo fees on the rented units, just as you are req'd to pay condo fees. Unless you can prove that the owner misrepresented something to you that induced you to purchase the condo fromt he get go, you cannot cease making condo fee payments as you will risk being sued. I have a client in a very similar situation. I suggest that you put the condo on the market and try to sell it. If the condo is in a nice area, maybe people will buy it in the hopes that the market will pick back up and the units will begin to sell again. This is a renters market and you have to be patient. Things will turn around soon.
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