When shopping for an apartment, you must find out if it is in a divided or undivided co-ownership. Even though both concepts are similar in that their ultimate goal is the partition of an immovable between several persons called co-owners, the financial and legal commitments are different.
The purchase of a condo leased to a third party is a frequent occurrence in the resale market. Save for an agreement to the contrary, nothing prohibits a co-owner lessor from selling and a purchaser of purchasing an apartment even though the tenant wishes to continue to reside in it.
The lease is attached to the immovable, not to the co-owner/ lessor. The lease will continue to be in force even if the unit is sold and the terms and conditions of the lease shall remain the same.
March 30, 2010- You wish to buy a condo to live closer to your daughter. Eureka, you learn that a unit is for sale in your daughter’s building. The said unit is leased. During your visit of the premises, the tenants inform you that they do not intend to leave since they have the right to remain in the apartment "for a lifetime".