If you’re interested in adding to your real estate portfolio, you may be looking into condo conversion. This can be a good way to turn a duplex, four-unit apartment or other kind of large property into condominiums. This isn’t a simple process, though, because there are many people involved and many different requirements to meet.
When you want to buy a property and convert it, your attorney will need to help you:
- Give notice to the current tenants. These individuals have the first right of refusal to make a purchase of the unit. Normally, they are given a fair price and offered the opportunity to stay by purchasing the unit.
- Draft a charter for the condominium association to set up procedures and guidelines
- Submit new plans to the local housing authority as well as the Department of Licensing
- Negotiate the purchase of property from individuals who own their current units
- Prepare the Declaration of Condominium with the county recorder of deeds
- Help transfer control of the new properties out of your hands and into the hands of the condo association
This may seem like a lot, and it can be fairly complex. Depending on how willing individuals are to move out of their properties or how the local housing authority likes your plans, you could move smoothly through this process or find that it has many hiccups.
Our website has more information on turning a multiunit property of any kind into a condo and what that entails. This process can be tricky, but the end result may be beneficial for you. Feel free to read more and learn about how you can get going on this conversion project.