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INTERNAL PROTOTYPE — NOT LEGAL ADVICE — DO NOT SEND

Troy Ltd. v. Renna, 727 F.2d 287 (1984)

Citation
Troy Ltd. v. Renna, 727 F.2d 287 (1984)
Parent Document
Troy Ltd. v. Renna, 727 F.2d 287 (1984)
Effective Date
1984-01-30

Other Sections in This Document (109)

Full Text

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Troy Hills of Springfield is a garden apartment complex consisting of 342 residential units. Troy, Ltd. ("Troy") purchased the complex on October 1, 1979. At that time, the complex was occupied by rental tenants. On January 31, 1980, Troy contracted to sell the complex to East Coast Condo Tech, Inc. ("East Coast"), and to take back mortgages on the individual units that would be created by a condominium conversion. On February 28, 1980, Troy filed a master condominium deed, converting its ownership from a single fee to a number of condominium units. East Coast then filed a prospectus with the Department of Community Affairs, which the Department approved, pursuant to the Planned Real Estate Full Disclosure Act, in October of 1980. In January of 1981, East Coast served the three-year notices of eviction required by the Anti-Eviction Act on all tenants in the complex. The Troy-to-East-Coast closing took place on June 28, 1981, one month before the effective date of the Tenancy Act. East Coast became the owner of the separate units; Troy became the mortgagee of those units.