Question About Apartments
GOOD DAY 2 ALL!!
How would I convert an apartment
complex into condos? Your answers will
be appreciated. Thanks in advance!!
GOOD DAY 2 ALL!!
How would I convert an apartment
complex into condos? Your answers will
be appreciated. Thanks in advance!!
Hi-I have the same question. Can I somehow see your replies. Also what are the tax ramifications?
you might definately have to consult an architect before you try the conversions. They will know the laws and guidelines for the city you live in.
nelson nijel
RE investor / mortgage banker
new york city
**Please See My Profile**
Do some searches on google for "condo conversion"
There is a lot of money to made doing this, however it is not as easy as every apartment seller claims that it is.
Call your local zoning and planning and talk to them about what they look for in condo conversions. Size, code, metering requirements, sq. footage (of land) per unit, etc.
Well there are a lot of parts to the answer to this question. For sake of simplicity I shall concentrate only on the legal parts. The marketing, renovation, etc. I'm going to leave out of this discussion.
From this point of view a condo conversion is a sub-type of the more general subdivision of an existing parcel. That means you must file appropriate documents with the county Recorder of Deeds to accomplish the subdivision. When converting a parcel to condominiums the appropriate document is a condominium declaration and by-laws. This document must include a legal description of each condo along with that condo's percentage of ownership of the common areas (in Illinois that percentage is fixed by the condo's relative square footage). Ask around, there will be attorneys in your area who have experience with the preparation of such documents. I just got a quote a couple of weeks ago, less than $5,000.