Realty Times April 5, 2002

Ask George! Questions From Consumers
by George C. Stephens

Dear George: "My ex-girlfriend and I rented a condo together. Then the owner wanted to sell. He offered a purchase option to me since my credit was more acceptable. Since then, my girlfriend and I have broken up. However, we parted on very good terms. She stayed in the condo. She has also paid rent to cover the mortgage payment plus enough to cover the maintenance fees. I told her that I would sell it to her at the same price I paid for it plus enough to cover closing costs. Now I am selling it to her. Our sales price is below current market value. I’m concerned that by selling below market value, I could be causing other current sellers in the condo building problems regarding the sales prices of comparable properties. Is there any way to indicate that our sales price is not a true arms-length transaction?" – Good Citizen

Dear Good Citizen: I commend you for keeping your word. I also commend you for your concerns regarding your neighbors. I suggest that you communicate with a state certified appraiser in your state. Ask him or her your question. No need to go into detail, just inquire about how a seller can indicate that a sale is not a true arms-length transaction. State certified appraisers should be able to provide you with the correct answer for your state under the federally mandated Uniform Standards of Professional Appraisal Practice.

Dear George: "I want to purchase an old fire station to convert it into a private residence. I haven't been able to locate one. Location is not important. Could you point me in the right direction?" – Historian

Dear Historian: You’ve peaked my curiosity. Do you really mean that neither city, nor state, nor country is important to you? Why is location not important to you? In the meantime, try your favorite search engine. Enter "Fire Stations For Sale." I entered that on one search engine and received approximately 196,000 hits. I tried another search engine. It returned 86,600 hits.

Dear George: "We have tried to search for the websites you mentioned in a previous column regarding zero down mortgages for teachers. We were not able to access www.teachersdesk.com. We were also unable to access www.teacherloans.com. Can you help?" – Teachers

Dear Teachers: I was able to access both sites. Make sure you enter the addresses exactly as they are listed. Use all lower case letters. The "teachersdesk.com" site appears, however, to not be helpful as regards loans of any type. The other site appears to specialize in loans for teachers.

Dear George: "I own a promotional products company. We have been at the same location for nine years. My landlord sold the building at the end of January 2002. The new owner has nearly doubled the rent! In addition, the new landlord does not allow month-to-month leases. Only one-year leases are allowed. I’ve been on a month-to-month. Moving to a new location, assuming I can find one that is affordable, involves production equipment as well as the usual office furniture. I’ve been given 30 days notice to either sign the new lease or move. Sixty days I might manage to move but not thirty. Help!" – Stuck

Dear Stuck: Gather any documents you can find pertaining to your month-to-month lease. Then communicate with your new landlord. Explain your problem with the thirty days. Pick a monthly rent figure you could afford. Factor into that figure what you estimate it would cost for you to move your business. Make a counter-offer to the new owner. Also, contact your previous landlord. He may be willing to call the new owner as a reference for you. At the very least, you may be able to stall your move for two months, maybe even longer. If you have an attorney seek legal counsel. If you do not know an attorney, you should consider hiring one to represent you in this matter.



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