What exactly is a condo conversion, you ask? You have come to the right spot!
We have a two-part conversation about condo conversions.
- What is a condo conversion?
- Dividing up existing real estate into different pieces (not by lot line) so that they can be sold or owned separately.
- It’s not a physical difference - just a legal one.
- Why would you do a condo conversion? (Hint - If it’s more profitable to sell units separately).
- Some planning is involved for marketability - Separate utilities, Level of finishing, Sensible layouts and amenities
- How to do it: three items needed
- Master Plan - as built drawing by architect and surveyor
- Master Deed - description of units - who owns what - prepared by attorney in conjunction with architect’s plans
- Declaration of Trust - how the condo is managed, rules - prepared by attorney
- Legal limits, such as 4+ units, Extra municipal rules, and Taxes
- Other considerations - Registered land approval and insurance
Learn all of this and more!
Join Jason Muth and Attorney / Broker Rory Gill of NextHome Titletown and UrbanVillage Legal in Boston, Massachusetts for another episode of The Real Estate Law Podcast! Support the show