Converted apartments

What buyers should know about converted apartments

When apartments in apartment buildings are converted into condominiums, the tenants of the apartments always have a statutory right of first refusal. The tenant must therefore always be informed about the upcoming sale and can take over the purchase agreement.

When does the right of first refusal apply?

Basically, the right of first refusal only exists if the owner decides to sell the apartment. Therefore, if the apartments are merely converted into condominiums but are not up for sale, the tenant cannot exercise the right of first refusal.

The right of first refusal offers the tenant a one-time opportunity to purchase the apartment. It is a one-time right. The tenant exercises their right of first refusal through a written declaration. If they do not exercise their right of first refusal in the event of the first sale, the tenant can no longer invoke their right of first refusal at a later point in time.

Tenants of converted condominiums enjoy special protection against eviction. Depending on where the property is located, it can take up to 10 years before the landlord can issue a notice of termination. This applies primarily to areas with a severe housing shortage. This applies, for example, to Munich, Bad Reichenhall, and Kempten. Otherwise, the blocking period for termination is three years. In practice, this means for the new owner that they can only use the apartment themselves after the expiration of the blocking period and the notice period itself.

What should a tenant watch out for when buying their apartment?

A tenant who wants to exercise their statutory right of first refusal knows their own apartment better than well. They are clear about the advantages and disadvantages. They also usually have a good overview of the building. However, it is advisable for them to examine the situation of the homeowners' association as closely as possible.

Practically, it means that he Deed of partition as well as inspecting the community bylaws. An objective assessment of the property's structural condition is also advantageous. This allows him to better estimate what investments in the Common property will be necessary.

It is important to get an exact overview of how large the maintenance and modernization backlog is. In this context, the amount of Maintenance reserve Crucial. The purchase price of the condominium should take into account pending renovations and maintenance.

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