What effect will this bring on my ability to sell the apartment?
Three years ago, I bought this co-op in Miami for $200,000 cash. It is a good investment because the building is a four story residential properties. Since I don’t want to pay the excessively high maintenance increase, I am selling it. Recently I discovered that the co-op does not own the land which the building is on. The land has a lease that will expire on 2015. The lease does not have a renewal clause. What will happen now? What effect will this bring on my ability to sell the apartment?
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