The condo complex can be sold if the owner is a corporation, partnership, trust, or other entity with less than $1 million in assets, but you must make sure the owner’s financial situation is the same as the one of the condominium owners, according to the guidelines.
It also means you must offer the property for sale in good standing, and it’s illegal to ask for an appraisal if the property is less than 100 years old.
The guidelines, issued by the Los Angeles City Attorney’s office, also say the condopories are not to be used for profit, but that it’s OK to sell them to an interested person or corporation for less than the appraised value.
The city attorney’s office says it will be working with the developer to determine if the condoners can be resold and how the buyer would repay the developer for the cost of rehabilitating the property.
The condominium owner must agree to the rules, and the condo developers must follow them, said the L.A. City Attorney.