tauscher.ash…, Other/Just Looking in Virginia Beach, VA

Unit must remain in rental pool?

Asked by tauscher.ashley, Virginia Beach, VA Mon Jun 17, 2013

What does it mean by unit must remain in rental pool if the condo is listed as For Sale?

Thanks!

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Answers

2
You may be asking about Condotels. If so, they can only be used by the owner a limited number of days per year. The units are rented out most of the year with profits shared among owners.
0 votes Thank Flag Link Tue Jun 18, 2013
Buyer must honor all confirmed rentals. Let's say if you were purchasing in June and the owner had it placed with a vacation rental company, like ours, Beach Pros Realty, http://www.beachprosrealty.com, then you would need to honor the rentals. It's no different then purchasing a year round rental. When the new owner purchases he can't just throw the tenants on the street. The investor would honor that tenant's rental period and then he can do what he wants with the property, move into it, upgrade it then rent it, etc. I hope that helps!
0 votes Thank Flag Link Tue Jun 18, 2013
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